MKTG 3310 EXAM 1 STUDY GUIDE
Production - Answers - actually making goods or performing services
customer satisfaction - Answers - a firm fulfills a customers needs, desires, and
expectations
innovation - Answers - the development and spread of new ideas, goods, and services
Marketing ** - Answers - is the performance of activities that seek to accomplish an
organizations objectives by anticipating customer or client needs and directing a flow of
need-satisfying goods and services from producer to customer or client
pure subsistence economy - Answers - when each family unit produces everything it
consumes
Macro-Marketing - Answers - 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 objective of society
(emphasis on whole system)
economies of scale - Answers - produce more cost goes down
universal functions of marketing - Answers - buying, selling, transporting, storing,
standardization and grading, financing , risk taking, and market information.
buying function - Answers - looking for and evaluating goods and services
selling function - Answers - promoting the product
transporting function - Answers - movement of goods from one place to another
storing function - Answers - holding goods until customers need them
standardization and grading - Answers - sorting products according to size and quality
financing - Answers - necessary cash and credit to produce, transport, store, promote,
sell and buy products
risk taking - Answers - beating the uncertainties that are part of marketing process
market info function - Answers - collection, analysis, and distribution of all info needed
to plan, carry out, and control marketing activities anywhere
, intermediary - Answers - someone who specializes in trade rather than production
collaborators - Answers - firms that facilitate or provide one or more of the marketing
functions other than buying or selling.
E-Commerce - Answers - exchanges between individuals or organizations that are
based on applications of information or technology.
Economic System - Answers - 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
command economy - Answers - government officials decide what and how much is to
be produced and distributed
Market directed economy - Answers - individual decisions of the many producers and
consumers make the macro level decisions of the whole economy
simple trade era - Answers - families trade or sell their surplus
production era - Answers - when a company focuses on production of a few specific
products perhaps because few of the products are availbale inn the market
sales era - Answers - time when a company emphasizes selling because of increased
competition
marketing department era - Answers - all marketing activities are brought under the
control of one department to improve short run marketing planning , marketing people
develop long - range plans
Marketing concept - Answers - organization aims all its efforts at satisfying its customers
- at a profit
production orientation - Answers - making whatever products are easy to produce and
THEN trying to sell them
marketing orientation - Answers - trying to carry out the marketing concept
customer value - Answers - difference between the benefits a customer sees from a
market offering and the costs of obtaining those benefits
triple bottom line - Answers - measures an orginizations economic, social, and
environmental outcomes as measure of long term success
Production - Answers - actually making goods or performing services
customer satisfaction - Answers - a firm fulfills a customers needs, desires, and
expectations
innovation - Answers - the development and spread of new ideas, goods, and services
Marketing ** - Answers - is the performance of activities that seek to accomplish an
organizations objectives by anticipating customer or client needs and directing a flow of
need-satisfying goods and services from producer to customer or client
pure subsistence economy - Answers - when each family unit produces everything it
consumes
Macro-Marketing - Answers - 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 objective of society
(emphasis on whole system)
economies of scale - Answers - produce more cost goes down
universal functions of marketing - Answers - buying, selling, transporting, storing,
standardization and grading, financing , risk taking, and market information.
buying function - Answers - looking for and evaluating goods and services
selling function - Answers - promoting the product
transporting function - Answers - movement of goods from one place to another
storing function - Answers - holding goods until customers need them
standardization and grading - Answers - sorting products according to size and quality
financing - Answers - necessary cash and credit to produce, transport, store, promote,
sell and buy products
risk taking - Answers - beating the uncertainties that are part of marketing process
market info function - Answers - collection, analysis, and distribution of all info needed
to plan, carry out, and control marketing activities anywhere
, intermediary - Answers - someone who specializes in trade rather than production
collaborators - Answers - firms that facilitate or provide one or more of the marketing
functions other than buying or selling.
E-Commerce - Answers - exchanges between individuals or organizations that are
based on applications of information or technology.
Economic System - Answers - 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
command economy - Answers - government officials decide what and how much is to
be produced and distributed
Market directed economy - Answers - individual decisions of the many producers and
consumers make the macro level decisions of the whole economy
simple trade era - Answers - families trade or sell their surplus
production era - Answers - when a company focuses on production of a few specific
products perhaps because few of the products are availbale inn the market
sales era - Answers - time when a company emphasizes selling because of increased
competition
marketing department era - Answers - all marketing activities are brought under the
control of one department to improve short run marketing planning , marketing people
develop long - range plans
Marketing concept - Answers - organization aims all its efforts at satisfying its customers
- at a profit
production orientation - Answers - making whatever products are easy to produce and
THEN trying to sell them
marketing orientation - Answers - trying to carry out the marketing concept
customer value - Answers - difference between the benefits a customer sees from a
market offering and the costs of obtaining those benefits
triple bottom line - Answers - measures an orginizations economic, social, and
environmental outcomes as measure of long term success
