-
Production
Actually making goods or performing services
-
Customer Satisfaction
The extent to which a firm fulfills a customer's needs, desires, and expectations
-
Innovation
The development and spread of new ideas, goods, and services
-
Marketing
The performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client
-
Pure Subsistence Economy
Each family unit produces everything it consumes
-
Macro-Marketing
A social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society
-
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, Standardizing and Grading, Financing, Risk-Taking, and Market Information
-
Buying Function
Looking for and evaluating goods and services
-
Selling Function
Promoting the product
-
Transporting Function
The movement of goods from one place to another
-
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, transport, 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
-
Intermediary
Someone who specializes in trade rather than production
-
Collaborators
Firms that provide one or more of the marketing functions other than buying or selling
-
E-Commerce
Exchanges between individuals or organizations - and activities that facilitate those exchanges - based on applications of information technology
-
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
The 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
-
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 competition
-
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, in addition to short-run marketing planning, marketing people develop long-range plans - sometimes 5 or more years ahead - and the whole company effort is guided by the marketing concept
-
Marketing Concept
The idea that an organization should aim 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
-
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
-
Marketing Ethics
The moral standards that guide marketing decisions and actions
|
|
