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Marketing 300 UW Madison Exam 1

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Marketing 300 UW Madison Exam 1 production ️making goods and performing services customer satisfaction ️the extent to which a firm fills a customer's needs, desires and expectations innovation ️the development and spread of new ideas marketing ️performance of activities that seek to...

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  • September 27, 2024
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  • 2024/2025
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  • MKT 300 UW Madison Exm 1
  • MKT 300 UW Madison Exm 1
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Marketing 300 UW Madison Exam 1
production ✔️making goods and performing services



customer satisfaction ✔️the extent to which a firm fills a customer's needs, desires and expectations



innovation ✔️the development and spread of new ideas



marketing ✔️performance of activities that seek to accomplish an organization's objective by
anticipating customer needs and directing a flow of need-satisfying goods and services from producer to
customer



macro marketing ✔️process of directing an economy's flow of goods from producers to consumer in a
way that effectively matches supply and demand and accomplished the objectives of society



economies of scale ✔️as a product is produced in greater numbers, the price per unit decreases



buying ✔️purchasing a good



selling ✔️offering a good



transporting ✔️moving goods



storing ✔️holding goods



standardization and grading ✔️sorting products according to size and quality



financing ✔️providing the necessary cash and credit to produce, transport, promote, store, sell and buy
products

, risk taking ✔️bearing the uncertainties of the marketing process



simple trade era ✔️time when families traded or sold surplus output to local distributors



production era ✔️time when a company focused on production of a few specific products because few
of these products are available in the market



sales era ✔️time when company emphasizes selling b/c of increased competition



marketing development era ✔️time when all marketing activities are consolidated to one department
to improve short run policy and integrate firm activities



marketing company era ✔️time when both short-run policies are developed and long range plans that
guide the company effort under the marketing concept



marketing concept ✔️idea that an organization should aim all of its effort at satisfying its customers at
a profit



production orientation ✔️making whatever easily producible products then trying to sell them



marketing orientation ✔️trying to carry out the marketing concept



customer value ✔️difference between benefits seen from marketing and costs of reaping benefits



micro macro dilemma ✔️what's good for some producers and consumers isn't always good for society
as a whole



social responsibilty ✔️firms obligation to improve its effects on society

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