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Chapter 1 Production actually making goods or performing services (part of the larger process of marketing) Customer satisfaction the extent to which a firm fulfills a customers needs, desires, and expectations Why is marketing important? Encourages research and innovation- the development and spread of new ideas, goods, and services Big impact on consumers standard of living Micro view of marketing a set of activities performed by organizations (everyday marketing talk) Macro view of marketing a social process that directs an economy’s flow of goods/services from producers to consumers in a way that effectively matches supply/demand and accomplishes the objectives of society o Emphasis on how to the WHOLE marketing system works o Economies of scale- as a company produces larger numbers of a particular product, the cost of each unit of the product goes down What are the eight functions of marketing Buying Selling Transporting Storing Standardization and grading Financing Risk-taking Market information Buying function Look for and evaluate goods/services Selling Function involves promoting the product (most visible function) Transporting function movement of goods from one place to another Storing Function holding goods until customers need them Standardization and Grading involves sorting products, according to size and quality Financing Function provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products Risk Taking Function involves bearing the uncertainties in the marketing process Market Information involve collection, analysis and distribution of the information needed to plan, carryout, and control market activities Intermediary someone who specializes in trade rather than production; beneficial to producers and consumers in the exchange process (retailers, wholesalers)
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Collaborators firms that facilitate to provide one or more of the marketing functions other than buying or selling E Commerce exchanges between individuals or organizations based on applications of information technology What are the 2 types of economic systems? Command Market Directed Command Economy government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why o Also called planned economy o Works well in a simple economy, but as the market gets more complicated, this doesn’t work very well Market-Directed Economy the individual decisions of the many producers/consumers make the macro- level decisions for the whole economy o Price is a measure of value- rough measure of how society values particular goods/services o Greatest freedom of choice- not forced to buy any goods and services except those for the good of society o Role of the government- enforce “rules of the game”, export/import
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