Stanley J. Shapiro
Kenneth B. Wong,
Queens School of Business
William D. Perreault,
University of North Carolina
E. Jerome McCarthy,
Michigan State University
| Customer value | The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
(See Refer to page(s) 18)
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| Form utility | Provided when someone produces something tangible.
(See Refer to page(s) 5)
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| 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 with demand and accomplishes the objectives of society.
(See Refer to page(s) 9)
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| Marketing | A set of decisions and processes that every organization uses to carry out an exchange with others, both inside and outside the organization.
(See Refer to page(s) 4)
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| Marketing company era | A time when, in addition to short-run marketing planning, marketing people develop long-range plans-sometimes 10 or more years ahead-and the whole company effort is guided by the marketing concept.
(See Refer to page(s) 13)
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| Marketing concept | The idea that an organization should aim all its efforts at satisfying its customers-at a profit.
(See Refer to page(s) 14)
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| Marketing department era | A time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm's activities.
(See Refer to page(s) 13)
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| Marketing orientation | Trying to carry out the marketing concept.
(See Refer to page(s) 14)
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| Micro-marketing | The performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.
(See Refer to page(s) 7)
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| Place utility | Having the product available where the customer wants it.
(See Refer to page(s) 6)
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| Possession utility | Obtaining a good or service and having the right to use or consume it.
(See Refer to page(s) 5)
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| Production | Actually making goods or performing services.
(See Refer to page(s) 4)
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| Production era | A time when a company focuses on production of a few specific products-perhaps because few of these products are available in the market.
(See Refer to page(s) 13)
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| Production orientation | Making whatever products are easy to produce and then trying to sell them.
(See Refer to page(s) 14)
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| Profit | The difference between a firm's revenue and its total costs.
(See Refer to page(s) 16)
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| Sales era | A time when a company emphasizes selling because of increased competition.
(See Refer to page(s) 13)
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| Simple trade era | A time when families traded or sold their surplus output to local intermediaries, who then resold these goods to other consumers or distant intermediaries.
(See Refer to page(s) 13)
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| Social responsibility | A firm's obligation to increase its positive effects on society and reduce its negative effects.
(See Refer to page(s) 23)
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| Task utility | Provided when someone performs a task for someone else-for instance, when a bank handles financial transactions.
(See Refer to page(s) 5)
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| Time utility | Having the product available when the customer wants it.
(See Refer to page(s) 6)
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| Utility | The power to satisfy human needs.
(See Refer to page(s) 5)
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2002 McGraw-Hill Higher Education