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34 Cards in this Set
- Front
- Back
Production |
making goods or performing a services |
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customer satisfaction |
when a firm fulfills a customers needs, desires, and expectation |
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innovation |
the development and spread of new ideas, goods, and services |
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marketing |
activities that seek to accomplish an organization's objective by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client |
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pure-subsistence economy |
each family unit produces everything it consumes |
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macro-marketing |
directs the economic flow of goods/services from producers to consumers that matches supply and demand and accomplishes the objective of society |
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economies of scale |
when a company produces a product and the economy determines whether the price goes up or down |
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universal functions of marketing |
buying, selling, transporting, storing, standardizing and grading, financing, risk taking, and market information |
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buying function |
looking for an evaluating goods and services |
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selling function |
promoting the product |
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transporting function |
movement of goods from one place to another |
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storing function |
holding goods until customers needs them |
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standardization and grading |
sorting products according to size and quality |
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financing |
provides the necessary cash and credit to produce, transport, promote, sell, and buy products |
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risk taking |
bearing the uncertainties that are part of the marketing process |
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market information function |
the collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities |
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intermediary |
someone who specializes in trade rather than production |
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collaborator |
firms that provide 1 or more of the marketing functions other than buying |
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e-commerce |
exchanges between individuals or organizations and activities that facilitate those exchanges based on applications of information technology |
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economic system |
the way an economy organizes to use scarce resource to produce goods and services and distribute them for consumption by various people and groups in the society |
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command economy |
government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why |
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market-directed economy |
the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy |
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simple trade era |
a time when families traded or sol their surplus output to local distributors |
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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 |
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sales era |
a time when a company emphasizes selling because of increased competition |
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marketing department era |
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 firms activities |
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marketing concept |
idea that an organization should aim all its efforts at satisfying its customers at a profit |
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production orientation |
making whatever products are easy to produce then trying to sell them |
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marketing orientation |
trying to carry out the marketing concept |
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triple bottom line |
a measure of long-term success that includes an organization's economic, social, and environmental outcomes |
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customer value |
the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits |
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micro-macro dilemma |
what is good for some producers and consumers may not be good for society as a whole |
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social responsibility |
firms obligation to improve its positive effects on society and reduce its negative effects |
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marketing ethics |
the moral standards that guide marketing decision and actions |