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| actually making goods or performing services |
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| The extent to which a firm fulfills a customer's needs, desires, and expectations |
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| The extent to which a firm fulfills a customer's needs, desires, and expectations |
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| the development and spread of new ideas goods and services |
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| 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 a producer/consumer to a consumer/client |
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| the development and spread of new ideas goods and services |
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| When each family init produces everything it consumes |
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| social process that directs an economy's flow of goods and services from prodeucers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society; how the whole marketing system works, not just individual ones |
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| as a company produces larger numbers of a particular product the cost of each of these products goes down |
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| Universal Functions of Marketing |
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| Buying, selling, transporting, storing standardizations, financing, risk taking and market information. Each one must be performed in all macro-marketing systems |
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| Buying Function- Universal Function of Marketing |
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| Looking for and evlauating goods and services |
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| Selling Function- Universal Function of Marketing |
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| Transporting Function- Universal Function of Marketing |
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| The movement of goods from one place to another |
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| Storing Function- Universal Function of Marketing |
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| Holding goods until consumers need them |
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| Standarization and grading- Universal Function of Marketing |
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Definition
| Involves sorting products according to size and quality |
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| Financing- Universal Function of Marketing |
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Definition
| provides the necessary cash and credit to produce transport, store promote, sell and buy products |
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| Risk Taking- Universal Function of Marketing |
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Definition
| bearing the uncertainties that are part of the marketing process |
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| Market information Function- Universal Function of Marketing |
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Definition
| The collection, analysis, and distribution of all the information needed to plan, carry out, and control maketing activites, whether in the firm's own neighborhood on in a market overseas |
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| someone who specializes in trade rather than prodcution; plays a role in the exchange process |
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| firms that facilitate or provide one or more of the maketing functions other than buying or selling |
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| refers to exchanges between individuals or orgainizations- and activities that facilitate these exchanges-based on applications of information technology |
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| 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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| government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why |
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| the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy |
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| Right before the Industrial Revolution-a time when familes traded or sold their "surplus" output to local middlemen |
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| From the Industrial Revolution until the late 1920's- when a company focused on production of a few specifc products only |
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| Started by about 1930- Most companies in America emphasized selling because of incresed competition |
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| About 1950-When all marketing activities were brought under the control of one departemnt to improve short-run policy planning and to try to integrate the firm's activites |
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| About 1960- when in addition to short-run marketing planning, marketing people develop long-range plans- the whole company effort in guided by the marketing concept. |
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An organization aims all its efforts at satisfying its customers at a profit
-customer satisfaction
-a total company effort
-profit as an objective |
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| making whatever products are easy to produce and then trying to sell them |
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| trying to carry out the marketing concept |
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| the difference between the benefits a customer sees from a market offering and costs of obtaining those benefits; low price and high customer value aren't the same thing |
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What is good for some firms and consumers may not be good for society as a whole
Ex: disposable diapers are convienient, but not good for the environment |
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| a firm's oblicgation to improve its positive effects on society and reduce its negative effects |
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| the moral standards that guide marketing decisions and actions |
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