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actually making goods or performing services

Customer Satisfaction

the extent to whichi a firm fulfills customer's needs, desires, and expectations


the development and spread of new ideas, goods, and services


The performance of activities that seek to accomplish an organization's objectives by anticipating cutomer or client needs and directing a flow of need satisfying goods and services from producer to customer of client

Pure Subsistence Economy

When each family unit produces everything it consumes- there is no need to exchange goods and services and no marketing is involved

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

Economies of Scale

The cost of each unit of production decreases, as the company produces more of a good.

Universal functions of Marketing

Buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information

Buying Function

Looking for an evaluating goods and services

Selling Function

Involves promoting the product. It includes personal selling, advertising, and other direct and mass selling methods.

Transporting Function

the movement of goods from one place to another

Storing Function

involves holding goods until customers need them.

Standardization and Grading

involves sorting products according to size and quality.


provides necessary cash and credit to produce, transport, store, promote, sell, and buy products.

Risk Taking

bearing the uncertainties that are part of the marketing process

Market Information Function

involves the collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities wheter home or abroad.


Someone who specializes in trade rather than production. Plays a role in the exchange process.


Firms that facilitate or provide one or more of the marketing functions other that buying or selling. Includes ad agencies, marketing research frims, independent product-testing labs, internet service providers, public warehouses, transporting firms, communications companies, and financial institutions.


refers to the exchanges between individuals or organizations and activities that facilitate theses exchanges based on applications of information technology.

Economic System

The way an economy organizes to use scare resources to produce goods and services and distribute them for consumption by various people and groups in the society.

Command Economy

Government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why. Also called "planned economies"

Market-Directed Economy

The individual decisions of the many producers and consumers make the macro-level decisions for the whol economy. In a pure market-directed economy, consumer make a society's production decisions when they make their choices in the marketplace. They decide what is to be produced by whom- through their dollar "votes"

Simple Trade Era

A time when families sold or traded their surplus output to local distributors.

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.

Sales Era

A time when a company emphasizes selling because of increased competition.

Marketing Dept. Era

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 activites.

Marketing Company Era

Is 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 organization aims all its efforts at satisfying its customers at a profit. Includes: Customer satisfaction, total company effort, and profit (not just sales).

Production Orientation

Making whatever products are easy to produce and the trying to sell them. Think of customer's existing to buy the firms output.

Marketing Orientation

Mean trying to carry out the marketing concept. Tries to offer customers what they need.

Customer Value

the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.

Micro-Macro Dilemma

What is good for some firms and consumers may not be good for society as a whole.

Social Responsibility

A firm's obligation to improve its positive effects on society and reduce its negative effects.

Marketing Ethics

The moral standards that guide marketing decisions and actions. each individual develops moral standards that guide marketing decisions and actions.

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