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Marketing Terms 1
Terms from "Basic Marketing"
| Question | Answer |
|---|---|
| Production | Making goods or performing services |
| Customer Satisfaction | The extent to which a firm fulfills a customer's needs, desires and expectations |
| Innovation | The development and spread of new ideas, good and services |
| Marketing | 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 producer to customer or client |
| Pure Subsistence Economy | An economy in which each family unit produces everything it consumes and there is no need to exchange goods and services |
| Macro-Marketing | 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 |
| Economies of Scale | As a company produces larger numbers of a particular product, the cost of each unit of the product goes down. |
| Universal functions of marketing | Buying, selling, transporting, storing, standardization and grading, financing, risk taking and market information |
| Buying Function | Looking for and evaluating goods and services |
| Selling Function | Promoting the product through personal selling, advertising, and other direct and mass selling methods |
| Transporting Function | The movement of goods from one place to another |
| Storing Function | Holding goods until customers need them |
| Standardization and Grading | Sorting products according to size and quality |
| Financing | Providing the necessary cash and credit to produce, transport, store, promote, sell and buy products |
| Risk Taking | Bearing the uncertainties that are part of the marketing process |
| Market Information Function | The collection, analysis and distribution of all the information needed to plan, carry out and control marketing activities |
| Intermediary | Firms that specialize in trade rather than production |
| Collaborators | Firms that facilitate or provide one or more of the marketing functions other than buying or selling |
| E-commerce | Exchanges between individuals or organizations based on the applications of information technology |
| Economic System | The way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption |
| Command Economy | An economic system in which government officials decide what and how much is to be produced and distributed by whom, when, to whom and why. |
| Market-Directed Economy | An economic system in which the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy |
| Simple Trade Era | A time when families traded or sold their "surplus" output to local distributors |
| Productions Era | A time when a company focuses on production of a few specific products |
| Sales Era | A time when a company emphasizes selling because of increased competition |
| Marketing Department Era | A 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 firm's activities |
| Marketing Company Era | A 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 |
| Marketing Concept | An organization should aim all its efforts at satisfying its customers -- at a profit |
| Product Orientation | Making whatever products are easy to produce and then trying to sell them |
| Marketing Orientation | Trying to offer customers what they need# (carrying out the marketing concept) |
| Customer Value | The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits |
| Micro-Macro Dilemma | Negative effects on society, as a whole, caused when a firm focuses its efforts on satisfying some customers |
| Social Responsibility | A firm's obligation to improve its positive effects on society and reduce its negative effects |
| Marketing Ethics | Moral standards that guide marketing decisions and actions |
Created by:
sdiviney
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