3 basic parts of marketing concept
customer satisfaction; total company effort; profit - not just sales - as an objective
universal functions of marketing
buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information
customers' evaluation of a good or service in terms of whether it has met their needs, desires and expectations
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.
planned economic system
An economic system where the questions of what to produce, how to produce and for whom to produce are answered by means of a central plan rather than by markets. In the former Soviet Union, a State Planning Committee (Gosplan) oversaw planning for the production and distribution of most goods and services.
5 different eras in the evolution of business in the US
simple trade; production; sales; marketing dept; marketing company
opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time
for a particular firm are those that the firm has some chance of doing something about-given its resources and objectives
A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy.
market with broadly similar needs and sellers offering various, often diverse, ways of satisfying those needs
The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
influences on consumer behavior
economic needs; psychological variables; social needs; purchase situation
BCG market share/market growth matrix
a portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products
strategic business unit
a division of the organization that has a unique business mission, product line, competitors, and markets relative to other sbus in the same corporation
gross national product
The total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year.
disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
hierarchy of needs model
theory of motivation describing five levels of human needs and arguing that basic needs must be fulfilled before people work to satisfy higher-level needs
effects of baby boomers on our economy
recording industry sales exploded, colleges added facilities and faculty to handle the surge; new growth opportunities in tourism, health-care and financial services
recognition of needs, evaluation of options, Purchase Decision, Implementation and evaluation
are the people responsible for purchasing in manufacturing and service businesses
North American Industry Classification System, provides common industry definitions for Canada, Mexico, & the US, which makes the measurment of economic activity, in the 3 member countries of NAFTA, easier. Replaces SIC system. Each given a "zipcode"
motivations that are inborn not learned, such as hunger, thirst, fear, and need for sleep. Also known as instincts.
a short, specific written statement of the reason a business exists and what it wants to achieve