MatO's Marketing 101 Ch 01

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  1. Production
    Actually making goods or performing services
  2. Customer Satisfaction
    The extent to which a firm fulfills a customer's needs, desires, and expectations
  3. Innovation
    The development and spread of new ideas, goods, and services
  4. Marketing
    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
  5. Pure Subsistence Economy
    Each family unit produces everything it consumes
  6. 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
  7. Economies of Scale
    As a company produces larger numbers of a particular product, the cost of each unit of the product goes down
  8. Universal Functions of Marketing
    Buying, Selling, Transporting, Storing, Standardizing and Grading, Financing, Risk-Taking, and Market Information
  9. Buying Function
    Looking for and evaluating goods and services
  10. Selling Function
    Promoting the product
  11. Transporting Function
    The movement of goods from one place to another
  12. Storing Function
    Holding goods until customers need them
  13. Standardization and Grading
    Sorting products according to size and quality
  14. Financing
    Provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products
  15. Risk-Taking
    Bearing the uncertainties that are part of the marketing process
  16. Market Information Function
    The collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities
  17. Intermediary
    Someone who specializes in trade rather than production
  18. Collaborators
    Firms that provide one or more of the marketing functions other than buying or selling
  19. E-Commerce
    Exchanges between individuals or organizations - and activities that facilitate those exchanges - based on applications of information technology
  20. 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
  21. Command Economy
    Government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why
  22. Market-Directed Economy
    The individual decisions of the many producers and consumers make the macro-level decisions for the whole economy
  23. Simple Trade Era
    A time when families traded or sold their surplus output to local distributors
  24. 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
  25. Sales Era
    A time when a company emphasizes selling because of increased competition
  26. 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
  27. Marketing Company Era
    A time when, in addition to short-run marketing planning, marketing people develop long-range plans - sometimes 5 or more years ahead - and the whole company effort is guided by the marketing concept
  28. Marketing Concept
    The idea that an organization should aim all its efforts at satisfying its customers - at a profit
  29. Production Orientation
    Making whatever products are easy to produce and then trying to sell them
  30. Marketing Orientation
    Trying to carry out the marketing concept
  31. Customer Value
    The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits
  32. Micro-Macro Dilemma
    What is good for some producers and consumers may not be good for society as a whole
  33. Social Responsibility
    A firm's obligation to improve its positive effects on society and reduce its negative effects
  34. Marketing Ethics
    The moral standards that guide marketing decisions and actions
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MatO's Marketing 101 Ch 01
2013-10-02 03:07:43

Vocab Ch 01
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