Study Guide - Exam 1 - Marketing Study Guide Exam 1 Chapter...

Study Guide - Exam 1
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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 customer’s 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, doesn’t go alone, focus of text Macro-marketing – a social process that directs and 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 (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
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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
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