NUSC 4272: Food Service Systems Management II Midterm Exam Questions and Answers (100% Pass)

marketing consists of individual and organization activities that facilitate and expedite satisfying exchange relationships in a dynamic environment through the creation, distribution, promotion, and pricing of goods, services, and ideas American Marketing Association views marketing as an organizational function and set of processes for creating, communicating, delivering value to customers and for managing customer relationships in ways that benefit the organization and stakeholders macro-marketing look at economy's entire marketing system, the objective is to create goods and services and make them available when and where they are needed economy Master01 | October, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ producers + consumers producers concerned with their income and production consumers concerned with what you can buy with your money micro-marketing looking at individual company, smaller approach western economics -market driven, consumers decide how much they are willing to purchase and production is based off that -price fluctuates based on the needs of the consumers and how much the producer is wanting to sell value exchange the seller has something of value (goods, ideas, services) and the buyer has something of value (money, credit, labor, goods) Master01 | October, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ Law of Diminishing Demand -As the price increases the consumer(demand) purchases less, while when the price decreases the consumer purchases more -As the price increases the seller (supply) produces more, while the when the price decreases the seller produces less -In the middle of this is the equilibrium price: selling price Late 1800s: -Industrial Revolution -beginning of mass production and marketing -products made more economically 1920: -advertising and sales focus -automobile rise -trying to sell people on products being made 1950s: -after WWII -marketing and department companies rise Master01 | October, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ -increase in consumer research on what buyers really want Today -focuses on satisfying the customer customer satisfaction the positive, negative, or neutral feelings about the value received from a product customer loyalty the frequency with which the customer consistently purchases a specific brand Code of Ethics rules for standards of professional behavior Standards of Practices measure of what is expected to happen