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Definition
| actually making goods or performing services |
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| extent to which a firm fulfill a customer's needs, deisres, and expectations |
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Definition
| the development and spread of new ideas, goods, and services |
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Definition
| 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 to client |
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| when each family unit produces everything it consumes |
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| 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 |
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Definition
| as a company produces larger numbers of a particular product, the cost of each unit goes down |
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Term
| Universal functions of marketing |
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Definition
| buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information |
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Term
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Definition
| Looking for and evaluating goods and services |
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| movement of goods from one place to another |
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Definition
| holding goods until customers need them |
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| Standardization and grading |
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Definition
| sorting products according to size and quality |
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Definition
| provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products |
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Definition
| bearing the uncertainties that are part of the marketing process |
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Term
| Market information function |
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Definition
| collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities, whether in the firm's own neighbrhood or in a market overseas |
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Term
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Definition
| someone who specializes in trade rather than production |
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Definition
| firms that facilitate or provide one or more of the marketing functions other than buying or selling |
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Term
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Definition
| exchanges between individuals or organizations based on applications of information technology |
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Term
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Definition
| 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 |
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Definition
| a system in which government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why |
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Definition
| the individual decisions of the many producers and consumers make the microlevel decisions for the whole economy |
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Definition
| time when families traded or sold their "surplus" output to local distributors |
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Term
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Definition
| 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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Definition
| time when a company emphasizes selling because of increase competition |
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Term
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Definition
| time when 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 activities |
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Term
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Definition
| time when, in addition to short-run marketing planning, marketing people develop long-range plans and the whole company effort is guided by the marketing concept |
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Term
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Definition
| an organization aims all its efforts at satisfying its customers- at a profit |
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Definition
| making whatever products are easy to produce and then trying to sell them |
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Term
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Definition
| trying to carry out the marketing concept |
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Term
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Definition
| the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits |
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Definition
| what is good for some producers and consumers may not be good for the society as a whole |
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Definition
| a firm's obligation to improve positive effects on society and reduce its negative effects |
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Definition
| the moral standards that guide marketing decisions and actions |
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