Term
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Definition
| The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return. |
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Term
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Definition
| States of felt deprivation; basic physical, social, and individual necessities. |
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Definition
| The form human needs take as they are shaped by culture and individual personality. |
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Definition
| Human wants that are backed by buying power. |
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Term
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Definition
| Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. |
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Definition
| The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. |
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Term
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Definition
| The act of obtaining a desired object from someone by offering something in return. |
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Term
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Definition
| The set of all actual and potential buyers of a product or service. |
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Definition
| The art and science of choosing target markets and building profitable relationships with them. |
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Definition
| The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency. |
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Definition
| The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements. |
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Term
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Definition
| The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort. |
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Definition
| A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. |
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Term
| Societal Marketing Concept |
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Definition
| The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests. |
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Term
| Customer Relationship Management |
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Definition
| The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. |
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Term
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Definition
| The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those competing offers. |
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Term
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Definition
| The extent to which a product's perceived performance matches a buyer's expectations. |
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Term
| Customer-Engagement Marketing |
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Definition
| Making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community. |
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Term
| Consumer-Generated Marketing |
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Definition
| Brand exchanges created by consumers themselves -- both invited and uninvited -- by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers. |
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Term
| Partner Relationship Management |
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Definition
| Working closely with partners in other company departments and outside the company to jointly bring greater value to customers. |
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Term
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Definition
| The value of the entire stream of purchases a customer makes over a lifetime of patronage. |
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Term
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Definition
| The portion of the customer's purchasing that a company gets in its product categories. |
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Term
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Definition
| The total combined customer lifetime values of all of the company's customers. |
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Term
| Digital and Social Media Marketing |
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Definition
| Using digital marketing tools such as websites, social media, mobile apps, and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices. |
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Term
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Definition
| The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities. |
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Term
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Definition
| A statement of organization's purpose -- what it wants to accomplish in the larger environment. |
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Term
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Definition
| The collection of businesses and products that make up the company. |
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Term
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Definition
| The process by which management evaluates the products and businesses that make up the company. |
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Term
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Definition
| A portfolio-planning method that evaluate a company's SBUs in terms of market growth rate and relative market share. |
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Term
| Strategic Business Units (SBUs) |
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Definition
| Key businesses that make up the company. |
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Term
| Product/Market Expansion Grid |
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Definition
| A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification. |
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Term
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Definition
| Company growth by increasing sales of current products to current market segments without changing the product. |
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Term
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Definition
| Company growth by identifying and developing new market segments for current company products. |
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Term
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Definition
| Company growth by offering modified or new products to current market segments. |
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Definition
| Company growth through starting up or acquiring businesses outside the company's current products and markets. |
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Term
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Definition
| The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products. |
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Term
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Definition
| A network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value. |
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Term
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Definition
| The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships. |
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Term
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Definition
| Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes. |
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Term
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Definition
| A group of consumers who respond in a similar way to a given set of marketing efforts. |
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Term
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Definition
| Evaluation each market segment's attractiveness and selecting one or more segments to serve. |
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Term
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Definition
| Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. |
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Definition
| Actually differentiating the market offering to create superior customer value. |
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Term
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Definition
| The set of tactical marketing tools -- product, price, place, and promotion -- that the firm blends to produce the response it wants in the target market. |
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Term
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Definition
| An overall evaluation of the company's strengths, weaknesses, opportunities, and threats. |
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Term
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Definition
| Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives. |
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Term
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Definition
| Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved. |
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Term
| Marketing Return on Investment |
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Definition
| The net return from a marketing investment divided by the costs of the marketing investment. |
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Term
| Customer Relationship Management |
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Definition
| Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty. |
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Term
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Definition
| The analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance. |
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Term
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Definition
| The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers. |
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Term
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Definition
| The actors close to the company that affect its ability to serve its customers -- the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. |
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Term
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Definition
| The larger societal forces that affect the microenvironment -- demographic, economic, natural, technological, political, and cultural forces. |
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Term
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Definition
| Firms that help the company promote, sell, and distribute its goods to final buyers. |
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Term
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Definition
| Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives. |
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Term
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Definition
| The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. |
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Term
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Definition
| The 78 million people born during the years following World War II and lasting until 1964. |
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Term
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Definition
| The 49 million people born between 1965 and 1976 in the "birth dearth" following the baby boom. |
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Term
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Definition
| The 83 million children of the baby boomers born between 1977 and 2000. |
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Term
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Definition
| People born after 2000 (although many analysts include people born after 1995) who make up the kids, tweens, and teens markets. |
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Term
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Definition
| Economic factors that affect consumer purchasing power and spending patterns. |
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Term
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Definition
| The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities. |
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Term
| Environmental Sustainability |
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Definition
| Developing strategies and practices that create a world economy that the planet can support indefinitely. |
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Term
| Technological Environment |
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Definition
| Forces that create new technologies, creating new product and market opportunities. |
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Term
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Definition
| Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society. |
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Term
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Definition
| Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors. |
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Term
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Definition
| The buying behavior of final consumers -- individuals and households that buy goods and services for personal consumption. |
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Term
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Definition
| All the individuals and households that buy or acquire goods and services for personal consumption. |
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Term
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Definition
| The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions. |
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Term
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Definition
| A group of people with shared value systems based on common life experiences and situations. |
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Term
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Definition
| Integrating ethnic themes and cross cultural perspectives within a brand's mainstream marketing, appealing to consumer similarities across subcultural segments rather than differences. |
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Term
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Definition
| Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors. |
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Term
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Definition
| Two or more individual people who interact to accomplish individual or mutual goals. |
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Term
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Definition
| The impact of the personal words and recommendations of trusted friends, family, associates, and other consumers on buying behavior. |
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Term
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Definition
| A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others. |
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Term
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Definition
| Online social communities -- blogs, online social media, brand communities, and other online forums -- where people socialize or exchange information and opinions. |
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Term
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Definition
| A person's pattern of living as expressed in his or her activities, interests, and opinions. |
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Term
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Definition
| The unique psychological characteristics that distinguish a person or group. |
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Term
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Definition
| A need that is sufficiently pressing to direct the person to seek satisfaction of the need. |
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Term
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Definition
| The process by which people select, organize, and interpret information to form a meaningful picture of the world. |
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Term
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Definition
| Changes in an individual's behavior arising from experience. |
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Term
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Definition
| A descriptive thought that a person holds about something. |
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Term
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Definition
| A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea. |
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Term
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Definition
| Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands. |
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Term
| Dissonance-reducing Buying Behavior |
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Definition
| Consumer buying behavior in situations characterized by high involvement but few perceived differences among brands. |
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Term
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Definition
| Consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand differences. |
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Term
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Definition
| Consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand differences. |
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Term
| Variety-seeking Buying Behavior |
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Definition
| Consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences. |
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Term
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Definition
| The first stage of the buyer decision process, in which the consumer recognizes a problem or need. |
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Term
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Definition
| The stage of the buyer decision process in which the consumer is motivated to search for more information. |
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Term
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Definition
| The stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set. |
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Term
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Definition
| The buyer's decision about which brand to purchase. |
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Term
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Definition
| The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction. |
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Term
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Definition
| Buyer discomfort caused by post purchase conflict. |
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Term
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Definition
| A good, service, or idea that is perceived by some potential customers as new. |
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Term
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Definition
| The mental process through which an individual passes from first hearing about an innovation to final adoption. |
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Term
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Definition
| An advantage over competitors gained by offering consumers greater value |
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Term
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Definition
| Identifying key competitors; assessing their objectives, strategies, strengths, and weaknesses, and reaction patterns; and selecting which competitors to attack or avoid |
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Term
| Competitive Marketing Strategies |
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Definition
| Strategies that strongly position the company against competitors and give it the greatest possible competitive advantage. |
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Term
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Definition
| A group of firms in an industry following the same or similar strategy |
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Term
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Definition
| Comparing the company's products and processes to those of competitors or leading firms in other industries to identify best practices and find ways to improve quality and performance |
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Term
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Definition
| An analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors' offers |
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Term
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Definition
| The firm in an industry with the largest market share |
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Term
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Definition
| A runner-up film that is fighting hard to increase its market share in an industry |
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Term
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Definition
| A runner-up firm that wants to hold its share in an industry without rocking the boat |
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Term
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Definition
| A firm that serves small segments that the other firms in an industry overlook or ignore |
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Term
| Competitor-Centered Company |
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Definition
| A company whose moves are mainly based on competitors' actions and reactions |
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Term
| Customer-Centered Company |
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Definition
| A company that focuses on customer developments in designing its marketing strategies and delivering superior value to its target customers. |
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Term
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Definition
| A company that pays balanced attention to both customers and competitors in designing its marketing strategies |
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Term
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Definition
| Dividing a market into different geographical units such as nations, states, regions, counties, cities, or even neighborhoods. |
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Term
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Definition
| Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation. |
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Term
| Age and Life-Cycle Segmentation |
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Definition
| Dividing a market into different age and life-cycle groups. |
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Term
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Definition
| Dividing a market into different segments based on gender. |
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Term
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Definition
| Dividing a market into different income segments. |
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Term
| Psychographic Segmentation |
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Definition
| Dividing a market into different segments based on lifestyle or personality characteristics. |
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Term
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Definition
| Dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product. |
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Term
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Definition
| Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item. |
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Term
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Definition
| Dividing the market into segments according to the different benefits that consumers seek from the product. |
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Term
| Inter-market (Cross-Market) Segmentation |
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Definition
| Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries. |
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Term
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Definition
| A set of buyers who share common needs or characteristics that a company decides to serve. |
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Term
| Undifferentiated (Mass) Marketing |
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Definition
| A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. |
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Term
| Differentiated (Segmented) Marketing |
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Definition
| A market-coverage strategy in which a firm targets several market segments and designs separate offers for each. |
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Term
| Concentrated (Niche) Marketing |
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Definition
| A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches. |
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Term
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Definition
| Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local and individual marketing. |
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Term
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Definition
| Tailoring brands and marketing to the needs and wants of local customer segments -- cities, neighborhoods, and even specific stores. |
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Term
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Definition
| Tailoring products and marketing programs to the needs and preferences of individual customers. |
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Term
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Definition
| The way a product is defined by consumers on important attributes -- the place it occupies in consumers' minds relative to competing products. |
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Term
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Definition
| An advantage over competitors gained by offering greater customer value either by having lower prices or providing more benefits that justify higher prices. |
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Term
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Definition
| The full positioning of a brand -- the full mix of benefits on which it is positioned. |
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Term
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Definition
| A statement that summarizes company or brand positioning using this form: To (target segment and need) our (brand) is (concept) that (point of difference). |
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Term
| Promotion Mix (Marketing Communications Mix) |
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Definition
| The specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships. |
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Term
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Definition
| Any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor. |
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Term
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Definition
| Short-term incentives to encourage the purchase or sale of a product or a service. |
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Term
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Definition
| Personal presentation by the firm's sales force for the purpose of engaging customers, making sales, and building customer relationships. |
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Term
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Definition
| Building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events. |
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Term
| Direct and Digital Marketing |
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Definition
| Engaging directly with carefully targeted individual consumers and customer communities to obtain an immediate response and build lasting customer relationships. |
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Term
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Definition
| Creating, inspiring, and sharing brand messages and conversations with and among consumers across a fluid mix of paid, owned, earned, and shared channels. |
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Term
| Integrated Marketing Communications (IMC) |
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Definition
| Carefully integrating and coordinating the company's many communications channels to deliver a clear, consistent, and compelling message about the organization and its products. |
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Term
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Definition
| The stages consumers normally pass through on their way to a purchase: awareness, knowledge, liking, preference, convocation, and, finally, the actual purchase. |
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Term
| Personal Communication Channels |
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Definition
| Channels through which two or more people communicate directly with each other, including face-to-face, on the phone, via mail or email, or even through an internet "chat". |
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Term
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Definition
| The impact of the personal words and recommendations of trusted friends, family, associates, and other consumers on buying behavior. |
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Term
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Definition
| Cultivating opinion leaders and getting them to spread information about a product or a service to others in their communities. |
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Term
| Non-personal Communication Channels |
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Definition
| Media that carry messages without personal contact or feedback, including major media, atmosphere, and events. |
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Term
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Definition
| Setting the promotion budget at the level management thinks the company can afford. |
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Term
| Percentage-of-Sales Method |
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Definition
| Setting the promotion budget at a certain percentage or current or forecasted sales or as a percentage of the unit sales price. |
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Term
| Competitive-Parity Method |
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Definition
| Setting the promotion budget to math competitors' outlays. |
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Term
| Objective-and-Task Method |
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Definition
| Developing the promotion budget by (1) defining specific promotion objectives, (2) determining the tasks needed to achieve these objectives, and (3) estimating the costs of performing these tasks. The sum of these costs is the proposed promotion budget. |
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Term
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Definition
| A promotion strategy that calls for using the sales force and trade promotion to push the product through channels. The producer promotes the product to channel members who in turn promote it to final consumers. |
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Term
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Definition
| A promotion strategy that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy the product, creating a demand vacuum that "pulls" the product through the channel. |
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Term
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Definition
| Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need |
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Term
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Definition
| An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything. |
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Term
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Definition
| A product brought by final consumers for personal consumption. |
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Term
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Definition
| A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort. |
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Term
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Definition
| A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style. |
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Term
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Definition
| A consumer product with unique characteristics or brand identification for which significant group of buyers is willing to make a special purchase effort. |
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Term
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Definition
| A consumer product that the consumer either does not know about or knows about but does not normally consider buying. |
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Term
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Definition
| A product bought by individuals and organizations for further processing or for use in conducting a business. |
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Term
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Definition
| The use of traditional business marketing concepts and tools to encourage behaviors that will create individual and societal well-being. |
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Term
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Definition
| The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs. |
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Term
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Definition
| A name, term, sign, symbol, or design, or a combination of these, that identifies the product or services of one seller or group of sellers and differentiates them from those of competitors. |
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Term
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Definition
| The activities of designing and producing the container or wrapper for a product. |
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Term
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Definition
| The activities of singing and producing the container or wrapper for a product. |
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Term
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Definition
| A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketing through the same types of outlets, or fall within given price ranges. |
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Term
| Product Mix (Product Portfolio) |
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Definition
| The set of all product lines and items that a particular seller offers for sale. |
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Term
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Definition
| Services cannot be seen, tasted, felt, heard, or smelled before they are bought. |
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Term
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Definition
| Services are produced and consumed at the same time and cannot be separated from their providers. |
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Term
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Definition
| The quality of services may vary greatly depending on who provides them and when, where, and how they are provided. |
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Term
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Definition
| Services cannot be stored for later sale or use. |
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Term
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Definition
| That chain that links service firm profits with employee and customer satisfaction. |
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Term
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Definition
| Orienting and motivating customer-contact employees and supporting service employees to work as a team to provide customer satisfaction. |
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Term
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Definition
| Training service employees in the fine art of interacting with customers to satisfy their needs. |
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Term
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Definition
| The differential effect that knowing the brand name has on customer response to the product or its marketing. |
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Term
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Definition
| The total financial value of a brand. |
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Term
| Store Brand (Private Brand) |
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Definition
| A brand created and owned by a reseller of a product or service. |
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Term
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Definition
| The practice of using the established brand names of two different companies on the same product. |
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Term
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Definition
| Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category. |
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Term
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Definition
| Extending an existing brand name to new product categories. |
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Term
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Definition
| A network composed of the company suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value. |
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Term
| Marketing Channel (Distribution Channel) |
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Definition
| A set of interdependent organizations that help make a product r service available for use or consumption by the consumer or business user. |
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Term
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Definition
| A layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer. |
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Term
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Definition
| A marketing channel that as no intermediary levels. |
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Term
| Indirect Marketing Channel |
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Definition
| A marketing channel containing one or more intermediary levels |
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Term
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Definition
| Disagreements among marketing channel members on goals, roles, and rewards -- who should do what and for what rewards. |
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Term
| Conventional Distribution Channel |
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Definition
| A channel consisting of one or more independent producers, wholesalers, and retailers, each a separate business seeking to maximize its own profits, perhaps even at the expense of profits for the system as a whole. |
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Term
| Vertical Marketing System (VMS) |
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Definition
| A channel structure in which producers, wholesalers, and retailers act as a unified system. One channel member owns the others, has contracts with them, or has so much power that they all cooperate. |
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Term
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Definition
| A vertical marketing system that combines successive stages of production and distribution under single ownership -- channel leadership is established through common ownership. |
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Term
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Definition
| A vertical marketing system in which independent firms at different levels of production and distribution join together through contacts. |
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Term
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Definition
| A contractual vertical marketing system in which a channel member, called a franchisor, links several stages in the production-distribution process. |
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Term
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Definition
| A vertical marketing system that coordinates successive stages of production and distribution through the size and power of one of the parties. |
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Term
| Horizontal Marketing System |
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Definition
| A channel arrangement in which two or more companies at one level joint together to follow a new marketing opportunity. |
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Term
| Multichannel Distribution System |
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Definition
| A distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments. |
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Term
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Definition
| The cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries. |
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Term
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Definition
| Designing effective marketing channels by analyzing customer needs, settings channel objectives, identifying major channel alternatives, and evaluating those alternatives. |
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Term
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Definition
| Stocking the products n as many outlets as possible |
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Term
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Definition
| Giving a limited number of dealers the exclusive right to distribute the company's products in their territories. |
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Term
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Definition
| The use of more than one but fewer than all of the intermediaries that are willing to carry the company's products. |
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Term
| Marketing Channel Management |
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Definition
| Selecting, managing, and motivating individual channel members and evaluating their performance over time. |
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Term
| Marketing Logistics (Physical Distribution) |
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Definition
| Planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit. |
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Term
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Definition
| Managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers. |
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Term
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Definition
| A large, highly automated warehouse designed to receive goods from various plants and suppliers, take orders, fill them efficiently, and deliver goods to customers as quickly as possible. |
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Term
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Definition
| Combing two or more modes of transportation |
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Term
| Integrated Logistics Management |
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Definition
| The logistics concept that emphasizes teamwork -- both inside the company and among all the marketing channel organizations -- to maximize the performance of the entire distribution system. |
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Term
| Third-Part Logistics (3PL) Provider |
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Definition
| An independent logistics provider that performance any or all fo the functions required to get a client's product to market. |
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Term
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Definition
| The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts. |
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Term
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Definition
| The systematic search for new product ideas. |
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Term
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Definition
| Inviting broad communities of people -- customers, employees, independent scientists and researchers, and even the public at large -- into the new product innovation process. |
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Term
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Definition
| Screening new product ideas to spot good ones and drop poor ones as soon as possible |
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Term
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Definition
| A detailed version of the new product idea stated in meaningful consumer terms. |
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Term
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Definition
| Testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal. |
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Term
| Marketing Strategy Development |
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Definition
| Designing an initial marketing strategy for a new product based on the product concept. |
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Term
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Definition
| A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives. |
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Term
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Definition
| Developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering. |
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Term
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Definition
| The stage of new product development in which the product and its proposed marketing programmer tested in realistic market settings. |
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Term
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Definition
| Introducing a new product into the market. |
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Term
| Customer-Centered New Product Development |
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Definition
| New product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences. |
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Term
| Team-Based New Product Development |
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Definition
| New product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness. |
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Term
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Definition
| The course of a product's sales and profits over its lifetime. |
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Term
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Definition
| A basic and distinctive mode of expression |
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Term
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Definition
| A currently accepted or popular style in a given field |
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Term
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Definition
| A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity. |
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Term
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Definition
| The PLC stage in which a new product is first distributed and made available for purchase |
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Term
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Definition
| The PLC stage in which a product's sales start climbing quickly. |
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Term
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Definition
| The PLC stage in which a product's sales growth slows or levels off |
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Term
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Definition
| The PLC stage in which a product's sales fade away |
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Term
| Marketing-Skimming Pricing (Price Skimming) |
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Definition
| Setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales. |
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Term
| Market-Penetration Pricing |
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Definition
| Setting a low price for a new product in order to attract a large number of buyers and a large market share. |
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Term
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Definition
| Setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors' prices. |
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Term
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Definition
| The pricing of option or accessory products along with a main product. |
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Term
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Definition
| Setting a price for products that must be used along with a main product, such as blades for a razor and game for a video-game console. |
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Term
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Definition
| Setting a price for by-products to help offset the costs of disposing of them and help make the main product's price more competitive. |
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Term
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Definition
| Combining several products and offering the bundle at a reduced price. |
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Term
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Definition
| A straight reduction in price on purchases during a stated period of time or of larger quantities. |
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Term
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Definition
| Promotional money paid by manufactures to retailers in return for an agreement to feature the manufacturers products in some way. |
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Term
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Definition
| Selling a product or service at two or more prices, where the difference in prices is not based on differences in costs. |
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Term
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Definition
| Pricing that considers the psychology of prices and not simply the economics; the price is used to say something about the product. |
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Term
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Definition
| Prices that buyers carry in their minds and refer to when they look at a given product. |
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Term
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Definition
| Temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales. |
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Term
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Definition
| Setting prices for customers located in different parts of the world. |
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Term
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Definition
| Pricing in which goods are placed free on board a carrier; the customer pays the freight from the factory to the destination. |
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Term
| Uniform-Delivered Pricing |
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Definition
| Pricing in which the company charges the same price plus freight to all customers, regardless of their location. |
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Term
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Definition
| Pricing in which the company sets up two or more zones. All customers within a zone pay the same total price; the more distant the zone, the higher the price. |
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Term
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Definition
| Pricing in which the seller designates some city as a basing point and charges all customers the freight cost from that city to the customer. |
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Term
| Freight-Absorption Pricing |
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Definition
| Pricing in which the seller absorbs all or part of the freight charges in order to get the desired business. |
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Term
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Definition
| Adjusting prices continually to meet the characteristics and needs of individual customers and situations. |
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Term
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Definition
| Personal presentations by the firm's sales force for the purse of engaging customers, making sales, and building customer relationships. |
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Term
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Definition
| An individual who represents a company to customers b performing one or more of the following activities: prospecting, communicating, selling, servicing, information gathering, and relationship building. |
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Term
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Definition
| Analyzing, planning, implementing, and controlling sales force activities. |
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Term
| Territorial Sales Force Structure |
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Definition
| A sales force organization that assigns each salesperson to an exclusive geographic territory in which that salesperson sells the company's full line. |
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Term
| Product Sales Force Structure |
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Definition
| A sales force organization in which salesperson specialize in selling only a portion of the company's products or lines. |
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Term
| Customer/Market Sales Force Structure |
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Definition
| A sales force organization in which salespeople specialize in selling only to certain customers or industries. |
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Term
| Outside Sales Force (Field Sales Force) |
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Definition
| Salespoeople who travel to call on customers in the field. |
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Term
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Definition
| Salespeople who conduct business from their offices via telephone, online and social media interactions, or visits from prospective buyers. |
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Term
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Definition
| Using teams of people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts. |
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Term
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Definition
| A standard that states the amount a salesperson should sell and how sales should be divided among the company's products. |
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Term
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Definition
| Using online, mobile, and social media to engage customers, build stronger customer relationships, and augment sales performance. |
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Term
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Definition
| The steps that salespeople follow when selling, which include prospecting and qualifying, pre-approach, approach, presentation and demonstrations, handling objections, closing, and follow-up. |
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Term
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Definition
| The sales step in which a salesperson or company identifies qualified potential customers. |
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Term
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Definition
| The sales step in which a salesperson learns as much as possible about a prospective customer before making a sales call. |
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Term
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Definition
| The sales step in which a salesperson meets the customer for the first time. |
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Term
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Definition
| The sales step in which a salesperson tells the "value story" to the buyer, showing how the company's offers solves the customer's problems. |
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Term
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Definition
| The sales step in which a salesperson seeks out, clarifies, and overcomes any customer objections to buying. |
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Term
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Definition
| The sales step in which a salesperson asks. the customer for an order. |
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Term
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Definition
| The sales step in which a salesperson follows up after the sale to ensure customer satisfaction and repeat business. |
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Term
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Definition
| Short-term incentives to encourage the purchase or sale of a product or a service. |
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Term
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Definition
| Sales promotion tools used to boost short-term customer buying and engagement or enhance long-term customer relationships. |
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Term
| Event Marketing (Event Sponsorships) |
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Definition
| Creating a brand-marketing event or serving as a sole or participating sponsor of events created by others. |
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Term
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Definition
| Sales promotions tools used to persuade resellers to carry a brand, give it shelf space, and promote it in advertising. |
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Term
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Definition
| Sales promotion tools used to generate business leads, stimulate purchases, reward customers, and motivate salespeople. |
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