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| Actually making the good or performing the service |
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| The extent to which a firm fufills a consumers needs desires and expectations. |
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| The performance of activities that seek to accompish an organization objective by anticipating customer or client needs and directing a flow of need satisying goods and service from a producer to customer or client. |
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| Each family unit produces everything it comsumes |
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| A social process that directs an economies flow of goods and services from producers to consumers in a way that effectively marches supply and demand and accomplishes the objectives of society |
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| Designing, creating, and manufacturing products, marketing strategies, and advertising campaigns for the benefit of very specific geographic, demographic, or psychographic segments of the consumer market. Micromarketing is a relatively new marketing trend created by the diversity of the consumer population and the difficulty in creating a single product that appeals to all the diverse groups in the population. |
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| As a company produces larger numbers of a particular prodcut the cost of each unit of the product goes down |
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| Universal functions of marketing |
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| Buying selling transporting storing standardizing and grading financing risk takin and market information |
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| government officials decide what and how much is to be produced and distributed by whom to whom and why |
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| The individual decisions of the many producers and consumers make the macro level decisions for the whole economy |
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| Evolution of marketing in US |
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| Simple trade era, Production era, Sales era, Marketing department era, and Marketing company era |
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| The idea that an organization should aim all its efforts at satisying its cusomers at a profit |
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| Making whatever producs are easy to produce and then trying to sell them |
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| Trying to carry out the marketing concept |
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| The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits |
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| What is good for some producers and consumers may not be good for soiety as a whole |
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| Marketing management process |
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| The process of planning meketing activities dierecting he implementation of the plans and controlling these plans |
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| Specifies a target market and a related marketing mix |
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| price, product, promotion, place |
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| the controllable variable that the company puts together to satisfy a target group |
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| any series of firms or individual who participate in the flow of products from producer to final user or consumer |
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| Personal selling/mass selling |
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| Direct spken communication between sellers and potential customers usually in person but sometimes over the telephone or even via a video conference over the internet |
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| Any paid form of nonpersonal presentation of ideas goods or services by an identified spnsor |
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| Any unpaid form of nonpersoanl presentation of ideas goods or services |
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| Those promotion activities other than advertising publicity and personal selling that stimulate interest |
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| A written statement of a marketing strategy and the time related details for carrying out the strategy |
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| Blends all of the firms marketing plans into one big plan |
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| The expected earning stram of a firms current and prospective customers of some period of time. |
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| Breakthrough opportunities |
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| Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time |
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| a firm has a marketing mix that the target markets sees as better than a competitors mix |
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| Identifies and lists the firms strenghts and weaknesses and its opportunities and threats |
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| Trying to increase sales of a firms present products in its present markets probably throug a more aggressive marketing mix |
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| Trying to increase sales by selling present products in new markets |
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| Offering new or omrpoved products for present markets |
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| Moving into totally different lines of business perhaps entirely unfamiliar products markets or even elvels in producation marketing system |
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| specific, realistic and measurable goals which an organization plans to achieve within a given period of time. |
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| a market in which there are many buyers but only one seller; "a monopoly on silver"; "when you have a monopoly you can ask any price you like |
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| A market siuation that develops when a market has different producats and sellers who can feel they do have some competitions in this market |
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| A market situation that develops when a market has homogenous products many buyers and sellers who have full knowledge of the market and ease of entry for buyers and sellers (t shirt maker) |
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| The Consumer Product Safety Commission |
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| Sets out the organizaions basic purpose for being |
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| An organized approach fro evaluating the stranghts and weaknesses of current of potential competitors and makreting strategies |
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| A firms closest competitors |
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| The conditions that may make it difficult or even impossible for a firm to compete in a market |
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| a social movement intended to safeguard the rights of consumers. |
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| The number and types of compeitiors the marketing manager must face and how they may behave |
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| Cultural and social environment |
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| Affects how and hwy people live and behave as they do |
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| Strategic business unit (SBU) |
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| Treats alternative products divisions or strategic business units as thoughthey are stock |
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| GE strategic planning grid |
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| A markert with very similar needs and sellers offering various close substitue ways of stisfying those needs |
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| Naming broad product markets and segmenting these broad procuts markets in order to select target markets and develop suitable marketing mixes |
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| A relatively homogenous group of customer who will respond to a marketing mix in a similar way |
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| Single target market approach |
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| Segmenting that market and picking one of the homogeous segments as the firms target market |
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| Multiple target market approach |
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| Segmenting the market and choosing two or more segments then treating each as a seperarate target market needing a different marketing mix. |
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| Combined target market approach |
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| Combining two or more submarkets into one larger target market as a basis for one strategy. |
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| Customer relationship management (CRM) |
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| An approach where the seller fine tunes the marketing effor with information from a detailed customer database |
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| An approach that refers to how customers think about proposed or present brands in a market |
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| 7 Step approach to market segmentation |
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| Gross domestic product (GDP) |
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| Gross national income (GNI) |
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| Metropolitan statistical area or MSA |
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| An integrated economic and social unit with large popuilation nucleous |
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| Physiological/safety/social/personal needs (the pyramid) |
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| look it up biological needs such as food drink water rest |
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| Selective exposure/perception/retention |
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| A persons point of view toward something |
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| A persons opinion towards someting |
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| Steps in the learning process |
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| A group of people who have approximately equal social position as viewed by others in society |
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| Motivation, perception, learning, attitude, personality/lifestyle look it up |
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| Economy of purchase, convenience, efficiency in use, dependability |
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| Purchase reason, time, and surroundings |
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| Extensive problem solving |
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| Routinized response behavior |
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