MKT 337 Lecture Notes - Lecture 1: Economic System, Customer Relationship Management
Document Summary
Customer satisfaction: the extent to which a firm fulfills a consumer"s needs, desires, and expectations. Innovation: the development and spread of new ideas, goods, and services. Directs a flow of need-satisfying goods and services. Needed to overcome discrepancies and separations between production and consumption sectors. Pure subsistence economy: each family unit produces everything it consumes. Macro-marketing: 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: as a company produces larger numbers of a particular product, the cost of each unit of the product goes down. Buying function: looking for and evaluating goods and services. Transporting function: the movement of goods from one place to another. Storing function: holding goods until customers need them. Standardization and grading: sorting products according to size and quality.
