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Key Terms
Production actually making good or
performing services
customer satisfaction the extent to
which a firm fulfills a customer needs,
desires and expectations.
Innovation - the development and spread
of new ideas and products.
Marketing- is both a set of activities
performed by organizations and a social
process. In other words, marketing exists
at both the micro and macro levels.
pure subsistence economy- each family
unit produces everything it consumes.
There is no need to exchange goods and
services. Each producerconsumer unit is
totally self-sufficient, although usually its
standard of living is relatively low. No
marketing takes place because marketing
doesnt occur unless two or more parties
are willing to exchange something for
something else.
macro-marketing- is a social process that
directs an economys flow of goods and
services from producers to consumers in a
way that effectively matches supply and
demand and accomplishes the objectives
of society. Like micro-marketing, macromarketing is concerned with the flow of
need-satisfying goods and services from
producer to consumer.
economies of scale- which means that as a
company produces larger numbers
of a particular product, the cost for each of
these products goes down; due to fixed
cost.
universal functions of marketingbuying, selling, transporting, storing,
standardization and grading, financing,
risk taking, and market information. They
must be performed in all macro-marketing
systems
buying function- looking
for and evaluating goods and services
selling function- involves promoting
the product. It includes the use of personal
selling, advertising, and other direct and
mass-selling methods. This is probably the
most visible function of marketing.
transporting function- movement of
goods from one place to another
storing function- involves holding goods
until customers need them.
standardization and grading- involve