Marketing ch. 1

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hnrymsn3
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4817
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Marketing ch. 1
Updated:
2010-01-23 11:49:25
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marketing
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Marketing flash cards
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  1. Customer satisfaction
    is the extent to which a firm fulfills a customer’s needs, desires, and expectations
  2. Utility
    is the power to satisfy human needs
  3. What percent of every dollar involves marketing activities?
    50% every dollar involves marketing activities.
  4. innovation
    development and spread of new products and ideas through competition between firms.
  5. Marketing Definition
    Marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or clients needs and directing the flow of need-satisfying goods and services from producer to customer or client in a dynamic environment.
  6. Micro Marketing Definition
    Micro-Marketing-performance of activities that seek to accomplish an organization’s objectives by anticipating customers needs and directing the flow of need-satisfying goods and services from producers to customer.
  7. Macro Marketing Definition
    Macro marketing is a social process that directs an economy’s flow of goods and services to effectively match supply and demand and achieve a society’s objectives Emphasis on the whole economic system in a country.
  8. Economic system
    the way an economy organizes its use of scarce resources to produce goods and services and distributes them to the people in the society.
  9. What is the goal of an economic system?
    The goal is to meet the needs of all the people in a society
  10. Communist and Socialist Systems are what type of economic systems?
    Command economic systems
  11. Capitalism is what type of economic system?
    Market directed system
  12. In a market directed system individual decisions of consumers and producers make up what level of the economy?
    Macro level decisions
  13. In a market directed what is the measure of value?
    Price
  14. In a market directed system what is governments role?
    big brother supervisor- setting laws to protect, taxing to support the good of society
  15. True or False: Less developed nations have inefficient systems
    TRUE
  16. Name the 9 universal marketing functions.
    1)Buying, 2)Selling, 3)Transporting, 4)Risktaking, 5)Storing, 6)Standardization, 7)Grading, 8)Financing, 9) Marketing Information.
  17. Who performs marketing functions?
    Producers, Consumers, Intermediaries, Collaborators/Facilitators
  18. Define Marketing Concept
    is a company wide philosophy which indicates that firms should satisfy the needs of their customers and make a profit.
  19. Define Marketing Orientation
    focused on implementing the marketing concept
  20. Define production orientation
    making products that are easy to make then pushing those to consumers

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