Principles of Marketing Chapter 1 Notes

Principles of Marketing Chapter 1 Notes - Principles of...

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Principles of Marketing Chapter 1 Notes Production is making goods or performing services Marketing provides needed direction for production and helps make sure that the right goods and services are produced and find their way to consumers Customer Satisfaction is the extent to which a firm fulfills a customer’s needs, desires, and expectations. Innovation is the development and spread of new ideas, goods, and services Micro view is a set of activities performed by organizations Macro view is a set of activities performed as a social process Marketing is 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 applies to profit and nonprofit organizations Marketing begins with customer needs Pure Subsistence Economy is in which a family unit produces everything it consumes, then there is no need to exchange goods or services and no marketing is involved Builds a relationship with a customer Macro-marketing is 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 means that as a company produces larger numbers of a particular product, the cost of each of these products goes down Universal Functions of Marketing are buying, selling, transporting, storing, standardization and grading, financing, risk taking, and marketing information Buying function means looking for and evaluating goods and services Selling function involves promoting the product Transporting function refers to the movement of goods from one place to another Storing function involves holding goods until customers need them Standardization and grading
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