Shared Flashcard Set

Details

CH 1
Troy University, Phenix City Campus. Book used- Basic Marketing 17e
34
Marketing
Undergraduate 2
01/07/2010

Additional Marketing Flashcards

 


 

Cards

Term
production
Definition
actually making goods or performing services
Term
customer satisfaction
Definition
the extent to which a firm fulfills a customer's needs desires and expectations
Term
Macro-marketing
Definition
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
Term
economies of scale
Definition
a company produces larger numbers of a particular product, the cost of each unit of the product goes down
Term
universal functions of marketing
Definition
buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information
Term
buying function
Definition
looking for and evaluating goods and services
Term
selling function
Definition
involes promoting the product
Term
transporting function
Definition
the movement of goods from one place to another
Term
storing function
Definition
involves holding goods until customers need them
Term
standardization and grading
Definition
sorting products according to size and quality
Term
financing
Definition
the necessar cash and credit to produce, transport, store, promote, sell, and buy products
Term
risk taking
Definition
bearing the uncertainties that are part of the marketing process
Term
market information function
Definition
the collection, analysis. and distribution of all the information needed to plan, carry out, and control marketing activities, whether in the firm's own neighborhood or in a market overseas.
Term
intermediary
Definition
someone whos pecializes intrade rather than production-plays a role in the exchange process
Term
collaborators
Definition
firms that facilitate or provide one or more of the marketing functions other than buying or selling
Term
economic systems
Definition
the way an economy organizes to use scarce resources to produce goods and services and distributes them for consumption by various people and groups in society
Term
command economy
Definition
government officals decide what and how much is to be prduced and distributed by who, when, to whom, and why
Term
market-directed economy
Definition
the individual decisions of many producers and consumers make the macro-level decision for the whole economy
Term
simple trade era
Definition
a time when families traded or sold their "surplus" output to local distributors
Term
production era
Definition
a time when a company focuses on production of a few specific products- perhaps because few of these products are available in the market
Term
sales era
Definition
a time when a company emphasizes selling because if increased competition
Term
marketing department era
Definition
s time whan all marketing activites are brought under the control of one department to improve short-run policy planning and to try to integrate the firm;s activites
Term
marketing company era
Definition
a time when, in addition to short-run marketing planning, matketing people develop long-range plans- sometimes five or more years ahead- and the whole company effort is guided by the marketing concept
Term
marketing concept
Definition
an organization aims all its efforts at satisfying its customers- at a profit
Term
production orientation
Definition
making whatever products are easy to produce and then trying to sell them
Term
marketing orientation
Definition
trying to carry out the marketing concept
Term
customer value
Definition
the differnece between the benefits a customer sees from a market offering and the cost of obtaining those benefits
Term
micro-macro dilemma
Definition
producers and consumers making free choices can cause conflicts and difficulties
Term
marketing ethics
Definition
the moral standards that guide marketing decisions and actions
Term
pure subsistenc economy
Definition
when each family unit produces everything it consumes- there is no need exchange goods and services and no marketing is involved
Term
marketing
Definition
the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs directing a flow od need-satisfying goods and services from producer to customer or client
Term
innovation
Definition
the development and spread of new ideas, goods, and services
Term
e-commerce
Definition
exchanges between individuals or organizations- and activities that facilitate these exchanges- based on applications of information technology
Term
social responsibility
Definition
a firm's obligation ti improve its positive effects on society and reduce its negative effects
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