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34 Cards in this Set
- Front
- Back
Production
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the actual making of goods or performing services
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• Customer Satisfaction
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the event to which a film fulfills a customer’s needs, desires, and expectations
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• Innovation
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the development and spread of new ideas, goods, and services
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• Marketing
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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 foods and services from producer to customer or client
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• Pure-subsistence economy
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each family unit produces everything it consumes
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• Macro-marketing
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a social process that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society
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• Economies of scale
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as a company produces larger numbers of a particular product, the cost of each unit of the product goes down
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• Universal functions of marketing
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in a macro-market system, it is the buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information
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• Buying function
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looking for and evaluating goods and services
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• Selling function
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promoting the product. Includes the use of personal selling, advertising, customer service, and other direct and mass selling methods. The most visible function of marketing
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• Transporting function
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movement of goods from one place to another
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• Storing function:
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holding goods until customers need them
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• Standardization and grading:
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sorting products according to size and quality. makes buying and selling easier because it reduces the need for inspection and sampling
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• Financing:
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provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products
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• Risk taking:
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beating the uncertainties that are part o the marketing process
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• Market information function:
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involves the collection, analysis, and distribution of all the information needed to plan. Carry out, and control marketing activities
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• Intermediary:
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someone who specializes in trade rather than production—plays a role in the exchange process
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• Collaborators:
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firms that facilitate or provide one of more of the marketing functions other than buying or selling. Include advertising agencies, marketing research firms, independent product-testing labs, internet service providers, public warehouses, transporting firms, communication companies, and financial institutions (including banks)
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• E-commerce:
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exchanges between individuals or organizations and activities that facilitate these changes
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• Economic system:
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the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society
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• Command (“Planned”) economy:
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government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why
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• Market-directed economy:
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the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy
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• Simple trade era:
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a time when families traded or sold their “surplus” output to local distributors
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• Production era:
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a time when a company focuses on production of a few specific products
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• Sales era:
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a time when a company emphasizes selling because of increased competition
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• Marketing department era:
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a time when all marketing activities are brought under the control of one department to improve short-run policy planning and try to integrate the firm’s activities
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• Marketing company era:
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a time when, in a addition to short-run marketing planning, marketing people develop long-range plans—sometimes 5 or more years ahead—and the whole company effort is guided by the marketing concept
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• Marketing concept:
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when an organization aims all of its efforts at satisfying its customers—at a profit
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• Production orientation:
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making whatever products are easy to produce and then trying to sell them
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• Marketing orientation:
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trying to carry out the marketing concept. Rather than getting customers to buy what the firm has produced, instead they offer customers what they need
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• Customer value:
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the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits
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• Micro-macro dilemma:
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what is “good” for some firms and consumers may not be good for society as a whole
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• Social responsibility:
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a firm’s obligation to improve its positive effects on society and reduce its negative effects
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• Marketing ethics:
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the moral standards that guide marketing decisions and actions
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