Difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
Organization aims all its efforts at satisfying its customers, to a profit. Full company participation.
Market Information Function
The collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities.
Bearing the uncertainties that are part of the marketing process
Provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products.
Standardization and Grading
Sorting products according to size and quality.
Holding goods until customers need them.
Movement of goods from one place to another.
Promoting the product.
Making goods or performing services, not part of MKT.
Extent to which a firm fulfills a customer’s needs, desires, and expectations.
Anticipating customer needs and directing a flow of need-satisfying goods and services from producer to customer. More than selling and advertising.
Set of activities performed by organizations to satisfy its customers.
Gov’t driven and planned.
The individual decisions of the many producers and consumers make macro-level decisions for the whole economy. Free market driven.
Looking for and evaluating goods and services.
What’s good for some producers and consumers doesn’t mean it’s good for society as a whole necessarily. Profits vs general good of society.
Economies of Scale
As a company produces larger quantity of a particular product, the cost of each unit of the product goes down.
Primary purpose of storing and transporting functions marketing needs to overcome.
Discrepancy of Assortment
Idea that companies make multiple varieties of products but individuals only purchase few.