MARKETNG 300 Chapter Notes - Chapter All: Marketing Mix, Marketing Management, Marketing Strategy
Document Summary
Chapter 1: marketing"s value to consumers, firms and society and expectations. Production- actually making goods or performing services. Innovation- the development and spread of new ideas, goods, and services. Customer satisfaction- the extent to which a firm fulfills a customer"s needs, desires, Marketing- the performance of activities that seek to accomplish an organization"s. Economies of scale- which means that as a company produces larger numbers of a particular product, t he cost of each unit of the product goes down. Universal functions of marketing- buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information. 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. Financing- provides the necessary cash and credit to produce, transport, store, promote, sell and buy products.
