Marketing 300 UW Madison Exam 1
production ️making goods and performing services
customer satisfaction ️the extent to which a firm fills a customer's needs, desires and expectations
innovation ️the development and spread of new ideas
marketing ️performance of activities that seek to...
Marketing 300 UW Madison Exam 1
production ✔️making goods and performing services
customer satisfaction ✔️the extent to which a firm fills a customer's needs, desires and expectations
innovation ✔️the development and spread of new ideas
marketing ✔️performance of activities that seek to accomplish an organization's objective by
anticipating customer needs and directing a flow of need-satisfying goods and services from producer to
customer
macro marketing ✔️process of directing an economy's flow of goods from producers to consumer in a
way that effectively matches supply and demand and accomplished the objectives of society
economies of scale ✔️as a product is produced in greater numbers, the price per unit decreases
buying ✔️purchasing a good
selling ✔️offering a good
transporting ✔️moving goods
storing ✔️holding goods
standardization and grading ✔️sorting products according to size and quality
financing ✔️providing the necessary cash and credit to produce, transport, promote, store, sell and buy
products
, risk taking ✔️bearing the uncertainties of the marketing process
simple trade era ✔️time when families traded or sold surplus output to local distributors
production era ✔️time when a company focused on production of a few specific products because few
of these products are available in the market
sales era ✔️time when company emphasizes selling b/c of increased competition
marketing development era ✔️time when all marketing activities are consolidated to one department
to improve short run policy and integrate firm activities
marketing company era ✔️time when both short-run policies are developed and long range plans that
guide the company effort under the marketing concept
marketing concept ✔️idea that an organization should aim all of its effort at satisfying its customers at
a profit
production orientation ✔️making whatever easily producible products then trying to sell them
marketing orientation ✔️trying to carry out the marketing concept
customer value ✔️difference between benefits seen from marketing and costs of reaping benefits
micro macro dilemma ✔️what's good for some producers and consumers isn't always good for society
as a whole
social responsibilty ✔️firms obligation to improve its effects on society
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