Marketing Management Chapter 1

the extent to which a firm fulfills a 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 customer or client needs

and directing a flow of need-satisfying goods and services from producer to customer or client

anticipating customer needs

facilitating exchanges

each family unit produces everything it consumes

part of an ongoing relationship

social process that directs an economy's flow of g from producers to consumers in a way that

effectively matches supply and demand and accomplishes the objectives of society

specialization and division of labor result in heterogeneous supply capabilities

producers prefer to sell in large quantities, consumers prefer to buy in small quantities

producers specialize in a narrow assortment of goods and services, consumers want a broad assortment

producers locate where it's economical to produce, consumers are located in many scattered locations

consumers may not want to consume goods and services at the time producers would prefer to produce them

producers don't know who needs what, consumers don't know what is available from whom

producers value g in terms of costs, consumers value them in terms of utility and ability to pay

producers hold title to g they themselves don't want to consume, consumers want things they don't own

heterogeneous demand for different goods and services and when and where they need to be to satisfy needs and wants

the way an economy organizes to use scarce resources to produce things and distribute them for consumption

government officials decide how much is to be produced and distributed by whom, when, to whom, and why

individual decisions of many producers and consumers make the macro-level decisions for the whole economy

a measure of how society values particular goods and services

simple trade, production, sales, marketing department, marketing company eras

time when families traded or sold their "surplus" output to local middlemen

time when a company focuses on production of a few specific products

time when a company emphasizes selling because of increased competition

time when all marketing activities were under one department to improve short-run policy and integrate firm's activities

time when marketers developed short and long-range plans, whole company is guided by marketing concept

organization aims all efforts at satisfying its customers - at a profit

making whatever products are easy to produce, then trying to sell them

trying to carry out the marketing concept

customer satisfaction, total company effort, profit as an objective

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

conflicts and difficulties caused when producers and consumers make free choices, something good for a firm may not be good for society

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

moral standards that guide marketing decisions and actions

the more a company produces, the cost of each unit decreases

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

looking for and evaluating goods and services

promoting the product

moving goods from one place to another

holding goods until customers need them

sorting products according to size and quality

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

bearing the uncertainties that are part of the marketing process

collection, analysis, and distribution of the info needed to plan, carry out, and control marketing activities

someone who specializes in trade rather than production

retailers and wholesalers

provide one or more marketing functions besides buying and selling

exchanges between individuals and organizations based on information technology