is the extent to which a firm fulfills a customer’s needs, desires, and expectations
Utility
is the power to satisfy human needs
What percent of every dollar involves marketing activities?
50% every dollar involves marketing activities.
innovation
development and spread of new products and ideas through competition between firms.
Marketing Definition
Marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or clients needs and directing the flow of need-satisfying goods and services from producer to customer or client in a dynamic environment.
Micro Marketing Definition
Micro-Marketing-performance of activities that seek to accomplish an organization’s objectives by anticipating customers needs and directing the flow of need-satisfying goods and services from producers to customer.
Macro Marketing Definition
Macro marketing is a social process that directs an economy’s flow of goods and services to effectively match supply and demand and achieve a society’s objectives Emphasis on the whole economic system in a country.
Economic system
the way an economy organizes its use of scarce resources to produce goods and services and distributes them to the people in the society.
What is the goal of an economic system?
The goal is to meet the needs of all the people in a society
Communist and Socialist Systems are what type of economic systems?
Command economic systems
Capitalism is what type of economic system?
Market directed system
In a market directed system individual decisions of consumers and producers make up what level of the economy?
Macro level decisions
In a market directed what is the measure of value?
Price
In a market directed system what is governments role?
big brother supervisor- setting laws to protect, taxing to support the good of society
True or False: Less developed nations have inefficient systems
