Production: actually making goods or performing services
Customer Satisfaction: the extent to which a firm fulfills a customers needs, desires, and expectations.
Marketing: the performance of activities that seeks to accomplish an organizations objectives by anticipating customer or client needs and directing the flow of need satisfying goods and services from producer to customer or client.
Pure Substance Economy: when each family unit produces everything it consumes.
Macro-Marketing is a social process that directs an economy’s flow of goods and services from producer to consumers in the way that effectively matches supply and demand and accomplishes the objectives of society
Economies of scale: as a company produces larger numbers of particular product the cost of each unit of the product is down
Universal Functions of marketing: buying selling transporting storing standardization and grading financing risk-taking and market information
Functions
Buying: evaluating goods and services
Selling: promote the product
Transporting: movement of goods
Storing: holding goods
Standardization and grading: sorting products according to size and quantity
Financing provide the necessary cash and credit to produce transport, store, promote, sell and buy products
Risk taking: Darren the uncertainties that are part of the marketing process
Market Information Function involves a collection analysis and distribution of all the information needed to plan carry out and control marketing activities
Intermediary someone he specializes in a trade it rather than production. Retailer or wholesaler
Collaborators firms that facilitate or provide one or more of the marketing functions other than buying or selling
E-commerce exchanges between individuals or organizations and activities that the Silliste take these exchanges based on technology
Economic System: the way and economy organizes to use scarce resources to produce goods and services and