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Marketing Study Guide Exam 1 Chapter 1 Production actually making goods or performing services Customer satisfaction the extent to which a firm fulfills a customers needs, wants, and desires Utility the power to satisfy human needs Form utility when something tangible is produced (ex. a bicycle) Task utility when a task is performed for someone else Time utility having the product available when the customer wants it (provided by marketing) Place utility having the product available where the customer wants it (provided by marketing) Possession utility obtaining a good or service and having the right to use or consume it (provided by marketing) Innovation the development and spread of new ideas, goods, and services Micro-marketing the performance of activities that seek to accomplish and organizations objectives by anticipating customer/ client needs and directing a flow of goods from producer to customer (set of activities, performed by organizations) Key characteristics more than persuasion, begins with needs, builds relationships, profit/non-profit, doesnt go alone, focus of text Macro-marketing a social process that directs and economys flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society (social process, matches supply with demand) Key characteristics every economy needs it, efficiency, effectiveness, emphasis on whole system, fairness Economies of scale companies produce larger amounts of particular products so that the cost of these products goes down Universal functions of marketing Buying looking for and evaluating goods and services Selling promoting the product Transporting the movement of goods from one place to another Storing holding goods until customers need them Standardization and grading - sorting products according to size and quality Financing provides the necessary cash and credit to produce, transport, store, promote, sell, and buy Risk taking - bearing the uncertainties that are part of the marketing process Market information the collection, analysis, and distribution of all the info needed to plan, carry out, and control marketing activities Intermediary (or middleman) someone who specializes in trade rather than production Facilitators firms that provide one or more of the marketing functions other than buying or selling e-commerce exchanges between individuals/organizations and activities that facilitate those exchanges based on applications of information technology (ex. internet intermediaries such as Amazon or eBay) Economic system the way an economy organizes to use scarce resources to produces ... View Full Document

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