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| provides goods and services necessary to an economic system |
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| profit-seeking activities and enterprises |
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| top management, sales, marketing, it, logistics, finance, accounting, human resources, operations, |
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| to succeed the seller must |
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| know what the buyer wants and able to meet needs quickly and efficiently |
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| natural resources, capital, human resources, entrepreneurship |
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| technology, tools, information, facilities |
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| anyone who works, physical labor and intellect, hiring |
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| take risks to create and operate a business, |
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| key component of capitalism |
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| basic rights in a private enterprise |
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| competition, private prop, profits, freedom of choice |
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| using outside vendors to produce goods or services |
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| relocation of business processes to lower cost |
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| critical thinking, creativity, ability to lead change, vision |
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| profits, growth, safe/challenging work environment, high quality goods and services , ethics |
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| firm independently owned and operated and is not dominant in the field |
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| two or more owners, difficult to dissolve |
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| unlimited number of share holders, disadv legall restrictions |
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| acquire stocks in exchange for ownership |
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| elected by stockholders to oversee corp |
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| corp officers and management |
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| make major corp decision and handle ongoing operations |
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| combin of two or more firms to form one company |
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| one firm purchases the prop and assume obligation of another |
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| partnership b/w companies for specific purpose |
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| unit or agency f gov't owns and operates an organization |
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| collective ownership of a production, storage, transportation or marketing organization is a cooperative |
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| categories of entrepreneurs |
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| factors supporting entrepreneurs |
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| globalization, education, demo/eco trends, it |
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| demographic and economic trends |
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| growth of two-income families, aging us pop, hispanic largest ethnic group |
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| start from scratch, franchise, or buy existing business |
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| offer small business tools to succeed |
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| encourage entre in specific geograph areas |
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| promoting innovation within organizations, |
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| set of process for creating and delivering value to customers |
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| activity two or more parties give something of value to each other |
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| want-satisfying power of a good or service |
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| orderly transfer of goods and services from seller to buyer |
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| convert inputs into finished product, not created by marketing, but production |
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| form, time, place, ownership |
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| group of ppl towards whom an organ markets is goods towards |
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| package design, brand name, trademarks and image |
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| blends advertising, personal selling, sales promotion and public relations |
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| settings profitable and justifiable prices for product |
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| offering same marketing mix in every market |
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| unique marketing mix to fix local conditions |
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| firms mass produce and add unique features to orders |
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| data collected through observational study |
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| previously published data |
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| computer searches of customer data to detect patterns and relationships |
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| process of diving a total market into homogeneous groups |
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| geographic, demographic, psychographic, product-related |
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| product-related segmentation |
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| divides market based on buyers relationship to good or service |
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| good or service intended for a organizational market |
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| actions of consumers from using product to decision that proceeds |
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| variety of influences from multiple decision makers |
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| benefits of relationship marketing |
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| lower costs/higher profits, lifetime value of cust, easier to accomplish goals |
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| freq customers have higher value |
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| reward purchases with rebates/cash/premiums |
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| solicit involvement based on common interest |
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| businesses jointly market each others product |
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| firms link their names in a single product |
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| perception that quality of product is in balance with price |
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| company adds more for same price or lowers price |
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| which quality more important |
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| perceived more than actual |
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| convenience, shopping, specialty |
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| purchase freq, little effort |
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| only purchased after compared competing products |
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| make a special effort to obtain |
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| major capital items/equipment |
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| less expensive and shorter lived capital items |
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| become part of final products |
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| farm and natural products used in producing |
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| expense items used in a firms daily operation does not become part of final product |
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| group of related products that are physically similar |
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| assortment of product lines and individual offering |
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| 4 stages of product life cycle |
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| introduction, growth, maturity, decline |
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| promotes demand for its new offering |
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| sales climb quickly as new customers buy |
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| industry sales eventually reach a saturation level |
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| product development stages |
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| generate ideas, screening, concept development, product development, test marketing, commercialization |
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| brand that has been given legal protection to owner |
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| manufacture, private or store, family, individual |
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| aware of brand but no pref |
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| consumer choose one firm over another |
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| seek out brand and no substitute |
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| added value that a name gives a product |
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| product is first comes to mind when a category is mentioned |
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Definition
path through which
products—and legal
ownership of them—flow
from producer to
consumers or business
users. |
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Definition
actual movement of
products from producer to
consumers or business
users. |
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Definition
| b2b, direct contact b/w product and customer |
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| Distribution Channels Using Marketing Intermediaries |
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Definition
| wholesalers and retailers, lower cost |
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Definition
distribution channel member that sells primarily to
retailers, other wholesalers, or business users. |
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| Manufacturer-Owned Wholesaling Intermediaries |
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Definition
| owned by manu, sales brand and office |
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Definition
channel member that sells goods and
services to individuals for their own use rather than
for resale. |
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Definition
firm’s products in nearly
every available outlet. |
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Definition
limited number of retailers
to distribute its product lines. |
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Definition
limits market coverage in
a specific geographical region. |
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Definition
the activities involved in controlling the flow of
goods, services, and information among members of the
supply chain. |
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Definition
the activities aimed at efficiently
moving finished goods from the production line to the
consumer or business buyer. |
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Definition
is the function of informing,
persuading, and influencing a purchase
decision. |
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Definition
| desire for a general category/desire for specific brand |
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| Integrated marketing communications (IMC) |
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Definition
is the
coordination of all promotional activities—media
advertising, direct mail, personal selling, sales promotion,
and public relations—to produce a unified customerfocused
message. |
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Definition
| combo of personal and nonpersonal selling techniques |
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| innovative way to get consumers attention in unusual way |
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| Institutional advertising |
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Definition
| messages that promote concepts or ideas |
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| institutional messaging on a public issue |
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| compares products directly with competition |
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Definition
| maintain awareness of product |
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Definition
| relies on personal selling to wholesalers or retailers |
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Definition
| promote a product by generating consumer demand |
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Definition
• Maximize profits by reducing costs.
• Maintain price while reducing package size. |
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Definition
| Base pricing decisions on market share goals. |
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| Pricing to Meet Competition |
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Definition
| Meeting competitors’ price. |
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Definition
| pricing technique used to determine min sales vol to cover all costs |
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| set price high compared to others |
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| Everyday Low Pricing and Discount Pricing |
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