Marketing's Value to Consumers, Firms and Society Flashcards

Terms Definitions
buying function
Looking for and evaluating goods and services.
Firms that provide one or more of the marketing functions other than buying or selling.
command economy
Government officials 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
conducting business transactions using the internet or other 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.
Provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products.
The development and spread of new ideas, goods, and services.
intermediary (or middleman)
Someone who specializes in trade rather than production, sometimes called a middleman
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.
market information function
The collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities.
market-directed economy
The individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.
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 five 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.
marketing ethics
The moral standards that guide marketing decisions and actions.
marketing orientation
Trying to carry out the marketing concept.
micro-macro dilemma
What is good for some producers and consumers may not be good for society as a whole.
production era
A time when a company focuses on production of a few specific products—perhaps because few of these products are available in the market.
production orientation
Making whatever products are easy to produce and then trying to sell them.
Actually making goods or performing services.
pure subsistence economy
Each family unit produces everything it consumes.
risk taking
Bearing the uncertainties that are part of the marketing process.
sales era
A time when a company emphasizes selling because of increased competition.
selling function
Promoting the product.
simple trade era
A time when families traded or sold their surplus output to local middlemen who resold these goods to other consumers or distant middlemen.
social responsibility
A firm's obligation to improve its positive effects on society and reduce its negative effects.
standardization and grading
Sorting products according to size and quality.
storing function
Holding goods until customers need them.
transporting function
The movement of goods from one place to another.
universal functions of marketing
Buying, selling, transporting, storing, standardizing and grading, financing, risk taking, and market information.
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