Chapter 1

Front 1

Production

Back 1

making goods or performing a services

Front 2

customer satisfaction

Back 2

when a firm fulfills a customers needs, desires, and expectation

Front 3

innovation

Back 3

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

Front 4

marketing

Back 4

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

Front 5

pure-subsistence economy

Back 5

each family unit produces everything it consumes

Front 6

macro-marketing

Back 6

directs the economic flow of goods/services from producers to consumers that matches supply and demand and accomplishes the objective of society

Front 7

economies of scale

Back 7

when a company produces a product and the economy determines whether the price goes up or down

Front 8

universal functions of marketing

Back 8

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

Front 9

buying function

Back 9

looking for an evaluating goods and services

Front 10

selling function

Back 10

promoting the product

Front 11

transporting function

Back 11

movement of goods from one place to another

Front 12

storing function

Back 12

holding goods until customers needs them

Front 13

standardization and grading

Back 13

sorting products according to size and quality

Front 14

financing

Back 14

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

Front 15

risk taking

Back 15

bearing the uncertainties that are part of the marketing process

Front 16

market information function

Back 16

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

Front 17

intermediary

Back 17

someone who specializes in trade rather than production

Front 18

collaborator

Back 18

firms that provide 1 or more of the marketing functions other than buying

Front 19

e-commerce

Back 19

exchanges between individuals or organizations and activities that facilitate those exchanges based on applications of information technology

Front 20

economic system

Back 20

the way an economy organizes to use scarce resource to produce goods and services and distribute them for consumption by various people and groups in the society

Front 21

command economy

Back 21

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

Front 22

market-directed economy

Back 22

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

Front 23

simple trade era

Back 23

a time when families traded or sol their surplus output to local distributors

Front 24

production era

Back 24

a time when a company focuses on production of a few specific products - perhaps because few of these products are available in the market

Front 25

sales era

Back 25

a time when a company emphasizes selling because of increased competition

Front 26

marketing department era

Back 26

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 firms activities

Front 27

marketing concept

Back 27

idea that an organization should aim all its efforts at satisfying its customers at a profit

Front 28

production orientation

Back 28

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

Front 29

marketing orientation

Back 29

trying to carry out the marketing concept

Front 30

triple bottom line

Back 30

a measure of long-term success that includes an organization's economic, social, and environmental outcomes

Front 31

customer value

Back 31

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

Front 32

micro-macro dilemma

Back 32

what is good for some producers and consumers may not be good for society as a whole

Front 33

social responsibility

Back 33

firms obligation to improve its positive effects on society and reduce its negative effects

Front 34

marketing ethics

Back 34

the moral standards that guide marketing decision and actions