MKT 337 - Miller - Key Terms Exam 1
Questions All Solved.
CHAPTER 1 - Answer
production - Answer The process of creating goods and services
customer satisfaction - Answer the extent to which a product's perceived performance
matches a buyer's expectations
innovation - Answer An improvement of an existing technological product, system, or
method of doing something.
marketing - Answer the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
pure subsistence economy - Answer each family unit produces everything it consumes
macro-marketing - Answer 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
economies of scale - Answer factors that cause a producer's average cost per unit to fall as
output rises
universal functions of marketing - Answer buying, selling, transporting, storing,
standardization and grading, financing, risk taking, and market information
buying function - Answer looking for and evaluating goods and services
selling function - Answer promoting the product
transporting function - Answer the movement of goods from one place to another
storing function - Answer holding goods until customers need them
, standardization and grading - Answer sorting products according to size and quality
financing - Answer Budgeting for marketing activities,obtaining the necessary funds needed
for operations,and providing financial assistance to customers so they can purchase the
business products and service.
risk taking - Answer bearing the uncertainties that are part of the marketing process
market information function - Answer the collection, analysis, and distribution of all the
information needed to plan, carry out, and control marketing activities
intermediary - Answer go-between; mediator
collaborators - Answer firms that facilitate or provide one or more of the marketing functions
other than buying or selling
e-commerce - Answer electronic business or exchange conducted over the internet
economic system - Answer the method used by a society to produce and distribute goods
and services
command economy - Answer An economic system in which the government controls a
country's economy.
market-directed economy - Answer consumers decide what is to be produced and by whom
through their dollar votes
simple trade era - Answer a time when families traded or sold their "surplus" output to local
distributors
production era - Answer a time when a company focuses on production of a few specific
products - perhaps because few of these products are available in the market
sales era - Answer a time when a company emphasizes selling because of increased
competition
marketing department era - Answer a time when all marketing activities are brought under
the control of one department to improve short-run policy planning and to try to integrate the
firm's activities
Questions All Solved.
CHAPTER 1 - Answer
production - Answer The process of creating goods and services
customer satisfaction - Answer the extent to which a product's perceived performance
matches a buyer's expectations
innovation - Answer An improvement of an existing technological product, system, or
method of doing something.
marketing - Answer the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
pure subsistence economy - Answer each family unit produces everything it consumes
macro-marketing - Answer 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
economies of scale - Answer factors that cause a producer's average cost per unit to fall as
output rises
universal functions of marketing - Answer buying, selling, transporting, storing,
standardization and grading, financing, risk taking, and market information
buying function - Answer looking for and evaluating goods and services
selling function - Answer promoting the product
transporting function - Answer the movement of goods from one place to another
storing function - Answer holding goods until customers need them
, standardization and grading - Answer sorting products according to size and quality
financing - Answer Budgeting for marketing activities,obtaining the necessary funds needed
for operations,and providing financial assistance to customers so they can purchase the
business products and service.
risk taking - Answer bearing the uncertainties that are part of the marketing process
market information function - Answer the collection, analysis, and distribution of all the
information needed to plan, carry out, and control marketing activities
intermediary - Answer go-between; mediator
collaborators - Answer firms that facilitate or provide one or more of the marketing functions
other than buying or selling
e-commerce - Answer electronic business or exchange conducted over the internet
economic system - Answer the method used by a society to produce and distribute goods
and services
command economy - Answer An economic system in which the government controls a
country's economy.
market-directed economy - Answer consumers decide what is to be produced and by whom
through their dollar votes
simple trade era - Answer a time when families traded or sold their "surplus" output to local
distributors
production era - Answer a time when a company focuses on production of a few specific
products - perhaps because few of these products are available in the market
sales era - Answer a time when a company emphasizes selling because of increased
competition
marketing department era - Answer a time when all marketing activities are brought under
the control of one department to improve short-run policy planning and to try to integrate the
firm's activities
