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| a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders- finding a need and fufilling it |
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| Providing Value and Satisfaction |
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| consumers buy products that offer the best value when it comes to meeting their needs and wants |
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| compares a product's benefits with its costs |
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| include not only the functions of the product but also the emotional satasfaction associated with owning, experiencing, or possessing it |
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| tangible goods that consumers may buy for personal use |
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| physical items used by companies to produce other products |
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| products with intangible (nonphysical) features |
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| emphasizes building lasting relationships with customers and suppliers |
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| the compiling and storage of consumer data |
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| automating the massive analysis of data by using computers to sift, sort, and search for previously undiscovered clues about what customers look at, react to, and how they might be influenced |
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| the detailed strategy for focusing marketing efforts on consumer needs and wants |
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| differentiating a product: pricing, place, and promotion |
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| selecting the best price at which to sell a product |
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| distributing a product through the proper channels |
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| communicating information about a product |
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| groups of people with similar wants and needs and who can be expected to show interest in the same products |
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| dividing a market into categories of customer types or "segments"- geographic, demographic, psychographic |
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| age, education, family life cycle, family size, income, nationality, race, religion, sex |
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| Influences on Consumer Behavior |
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| psychological influences, personal influences, social, and cultural influences |
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| consumers who regularly purchase products because they are satisfied with their performance |
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| provides a bundle of benefits and features to satisfy the needs and wants of customers |
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| tangible and intangible qualities built into a product |
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| the tangible and intangible outcomes associated with acquisition or use of a product |
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| convenience goods and services |
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| frequent purchase, inexpensive, immediate consumption, and little search and consideration |
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| shopping goods and services |
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| less frequent purchase, more expensive, and more search and comparison of products |
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| speciality goods and services |
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| infrequent (or one time) purchase, most expensive, and an extensive search effort for specific product |
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| goods or services that are consumed within a year by firms producing other goods or supplying other services |
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| permanent (expensive and long lasting) goods and services taht have expected lives of more than a year, and typically of several years- capital goods and capital services |
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| Research and Development (R&D) |
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| departments for exploring new product possibilities |
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| few product ideas (1 in 50) actually reach the market |
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| responding to customer demand or market changes by introducing new products to the market ahead of competitors |
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| Introduction- focus on marketing costs, awareness of product; growth- competitors coming in; maturity- sales slow but profits high; decline- no one purchases it |
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| a process of using symbols to communitcate the qualities of a particular product made by a particular producer |
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| consumer preference for a particular product |
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| the brand name that comes first to mind when consumers consider a particular product category |
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| a promotional tactic for brand exposure in which characters in television, film, music, magazines, or video games use a real product that is visible to viewers |
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| relying on word of mouth and the internet to spread information like a virus from person to person about products and ideas |
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| products that are produced by, widely distributed by, and carry the name of the manufacturer |
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| companies (and even personalities) license (sell the rights to) other companies to put their names on products |
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| carry the brand name that a wholesaler or retailer develops and has a manufacturer put it on a product |
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| need to adapt product to foreign markets |
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| higher transportation and selling costs abroad |
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| international distribution |
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| distribution network access in foreign markets |
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| cultural sensitivity requires adjustments to the marketing mix |
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| product failures due to lack of market potential for products or marketing to the wrong target market segments |
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| losses due to pricing errors resulting from underestimating operating expenses |
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| small business distribution |
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| poor location choice fails to attract customers |
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| careful promotion can reduce expenses |
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| Fixed vs Dynamic pricing for e business |
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| to attract sales that might be lost under traditional fixed price structures, sellers alter prices privately, on a one to one, customer to customer basis; price fluaction- ebay is variable pricing |
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| offering all items in certain categories at a limited number; $.99 store name used to get people into the store |
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| customers prefer prices that arent stated in even dollar amounts; stores say there are suits for 199 but really there are only 1 or 2 suits for that price |
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| the combination of distribution channels by whih a firm gets products to end users |
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| help distribute goods, either by moving them or by providing information that stimulates their movement from sellers to customers |
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| provide rented storage space |
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| transportation operations |
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| principal differences are speed and cost |
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| typically low breakfast, best for short travel |
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| most expensive, if there was a resturaunt in the middle east that wanted to ship shrimp from the gulf to there they would use this |
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| the techniques a firm uses for cummunicating information about products; pull strategy: direct marketing to the consumer (mailing, ex- sample of asprin); push strategy- company puts it on you (in the store, ex- cosmetics) |
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| paid, nonpersonal communication by which an identified sponsor informs an audience about a product |
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| most important aspect, closing the sale; a salesperson communicates one to one with potential customers to identify their needs and align them with the seller;s products |
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| give something for purchase |
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| company influenced publicity that seeks either to build good relations with the public or to deal with unfavorable events- tylenol years ago- removed it because of cyanide; presidential election |
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