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1st Test Terms - Chapters 1-5 terms CHAPTER 1 buying...

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Chapters 1-5 terms CHAPTER 1 buying function looking for and evaluating goods and services. collaborators firms that provide one or more of the marketing functions other than buying or selling. command economy government planners decide what and how much is to be produced and distributed by whom, when, to whom, and why. customer satisfaction the extent to which a firm fulfills a consumer's needs, desires, and expectations. customer value the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits. e-commerce exchanges between individuals or organizations--and activities that facilitate those exchanges--based on 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 by various people and groups in the society. economies of scale as a company produces larger numbers of a particular product, the cost for each of these products goes down. financing provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products. innovation the development and spread of new ideas, goods, and services. intermediary someone who specializes in trade rather than productions, sometimes called a middleman. 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. 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. marketing company era a time when, in addition to short-run marketing planning, marketing people develop long range plans--sometimes 1 or more years ahead--and the whole company effort is guided by the marketing concept. marketing concept the idea that an organization should aim all its efforts at satisfying its customers--at a profit. 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. market-directed economy the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy. marketing ethics the moral standards that guide marketing decisions and actions. market information function the collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities.
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