Marketing quiz 1 Flashcards
Production
actually making goods or performing services
Customer satisfaction
The extent to which a firm fulfills a consumer’s needs, desires, and expectations.
Innovation
the development and spread of new ideas ,goods, and services.
Marketing
The performance of activates that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need satisficing goods and services from providers to customer or client.
Pure substance economy
each family unit produces everything it consumes.
Macro-Marketing
a social process that directs an economies flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplish the objectives of society.- WHOLE SYSTEM
Economies of scale
As a company produces larger numbers of a particular product the cost of each unit of the product goes down.
Universal functions of marketing
buying selling transporting storing standardization and grading financing risk taking and market information.
buying function
looking for and evaluating goods and services
selling function
promoting the product
transporting function
holding goods until consumers need them
storing function
holding goods until customers need them
Standardization and Grading
sorting products according to size and quality
financing
provides the necessary cash and credit to produce transports store promote sell and buy products
risk taking
bearing the uncertainties that are part of the marketing process
market information function
the collection analysis and distribution of all the information needed to plan carry out and control marketing activities
Collaborators
firms that facilitate or provide one or more of the marketing functions other than buying or selling
Intermediary
someone who specializes in trade rather than production
Economic System
the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society.
Command economy
government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why.
Market-directed economy
–individual decisions of the many producers and consumers make the macro level decisions for the whole economy.
Simple Trade Era
a time when families traded or sold their “surplus” output to local distributors, who resold the goods to other consumers or other distributors.
* From the production to the sales era
Production era
a time when a company focuses on production of a few specific products–perhaps because few of these products are available in the market.
sales era
-a time when a company emphasizes selling because of increased
Marketing department era
a time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm’s activities.
Marketing company era
a time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm’s activities.
Marketing concept
an organization aims all its efforts at satisfying its customers—at a profit.
Production orientation
–making whatever products are easy to produce and then trying to sell them.
Marketing orientation
trying to carry out the marketing concept
Marketing metrics
which refer to numeric data that allow marketing managers to evaluate performance, often against a target or goal.
Triple bottom line
measures an organization’s economic, social, and environmental outcomes—as a measure of long-term success.
Customer value
the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits
Micro-macro dilemma
what is “good” for some producers and consumers may not be good for society as a whole.
social responsibility
a firm’s obligation to improve its positive effects on society and reduce its negative effects.
