Test 1 - Marketing Ch.1 For a company to make a product:...

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Marketing Ch.1 For a company to make a product: the needs of consumer are analyzed, types are predicted, amount is estimated, where product can be produced, estimate price, decide promotions, look at competition , and figure out the warranty: marketing Production- making goods or performing services Customer satisfaction is the extent to which a firm fulfills a customer’s needs and desires Utility is the power to satisfy human needs Innovation: the development and spread of new ideas, goods, and services Marketing is both a set of activities performed by organizations and a social process Micro- marketing is the performance of activities to seek to accomplish an organization’s objectives by anticipating customers or client needs and directing a flow of need satisfying goods or services Marketing begins with potential customer needs and provide direction for production Marketing doesn’t occur unless two or more parties are willing to exchange something for something else Pure subsistence economy is where each family unit produces everything it consumes Macro marketing is the process that directs an economy’s flow of goods and services from producers to consumers in to match supply and demand of society Universal functions of marketing are buying, selling, transporting, storing, standardization and grading, financing, risk taking, market information The simple trade era was when families traded or sold their surplus output to local middlemen. The marketing department era is a time when all marketing activities are brought under the control of one department to improve short run policy planning and integration of the firm’s activities The marketing company era is a time when all marketing activities are brought under the control of one department to improve short run policy planning and integration of the firm’s activities and turn them into long term
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Test 1 - Marketing Ch.1 For a company to make a product:...

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