OB

Organizational Behavior (OB)

The study of how people interact within groups and organizations, focusing on improving organizational effectiveness and individual performance.

Customer Satisfaction

The extent to which a firm fulfills a consumer's needs, desires, and expectations.

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.

Innovation

The development and spread of new ideas, goods, and services.

Universal Functions of Marketing

Buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information.

Macro-Marketing

The separation between producers and consumers in the marketing system.

Economies of Scale

As a company produces larger numbers of a particular product, the cost of each unit of the product goes down.

Customer Value

The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.

Marketing Concept

An organization aims all its efforts at satisfying its customers—at a profit.

Micro-Macro Dilemma

What is 'good' for some producers and consumers may not be good for society as a whole.

Social Responsibility

A firm's obligation to improve its positive effects on society and reduce its negative effects.

Marketing Ethics

The moral standards that guide marketing decisions and actions.