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| actually making goods or performing services |
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| the extent to which a firm fulfills a customer's neds, desires and expectations |
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| the development and spread of new ideas, goods, and services |
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| the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client |
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| when each family unit produces everything it consumes- there is no need to exchange goods and services and no marketing is involved |
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| social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society |
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| which means that as a company produces larger numbers of a particular product, the cost of each unit of the product goes down |
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| Universal functions of marketing |
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| buying, selling, tranporting, storing, standardization and grading, financing, risk taking, and market information. They must be performed in all macro marketing systems |
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| means looking for and evaluating goods and services |
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| involves promoting the product |
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| means the movement of goods from one place to another |
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| involves holding goods until customers need them |
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| Standardization and grading |
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| involve sorting products according to size and quality. This makes buying and selling easier b/c it reduces the need for inspection and sampling |
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| provides the necessary cash and credit to produce, transport, store, promote, sell and buy products |
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| involves bearing the uncertainties that are part of the marketing process |
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| Market information function |
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| involves the collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities, whether in the firm's own neighborhood or in a market overseas. |
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| someone who specializes in trade rather than production-plays a role in the exchange process |
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| firms that facilitate or provide one or more of the marketing functions other than buying or selling. Include ad agencies, mkt research firms, independent product testing labs, ISPs, public warehouses, etc. |
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| refers to exchanges b/t individuals or organizations-and activities that facilitate these exchanges-based on apps of information technology |
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| the way an economy organizes to use scarce resources to produce goods/services and distribute them for consumption by various people and groups in the society |
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| gov't officials decide what and how much is to be produced and distributed by whome, when, 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. In a pure mkt directed eco, consumers make a society's production decisions when the make their choices in mktplaces |
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| a time when families traded or sold their "surplus" output to local distributors |
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| is a time when a company focuses on production of a few specific products-perhaps bc few of these products are available in the market |
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| a time when a company emphasizes selling bc of increased competition |
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| a time when, in addition to short run marketing planning, marketing people develop long range plans- sometimes five or more years ahead-and the whole company effort is guided by the marketing concept |
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| means that an organization aims all its efforts at satisfying its customers- at a profit |
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| making whatever products are easy to produce and then trying to sell them |
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| means trying to carry out the marketing concept 1-customer satisfaction 2-total company effort 3-profit |
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| the difference b/t 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 firms and consumers may not be good for society as a whole |
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| a firm's obligation to improve its positive effects on society and reduce its negative effects |
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| the moral standards that guide marketing decisions and actions |
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| Marketing management process |
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| the process of 1-planning marketing activities 2-directing implementation of the plans and 3-controlling these plans |
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| Strategic management planning |
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| the managerial process of developing and maintaining a match b/t an organization's resources and its market opportunities |
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| Marketing strategy planning |
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| finding attractive opportunities and developing profitable marketing strategies |
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| specifies a target market and a related marketing mix |
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| a fairly homogenous group of customers to whom a company wishes to appeal |
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| the controllable variables the company puts together to satisfy this target group |
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| says that a marketing mix is tailored to fit some specific target customer |
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| the typical production oriented approach- vaguely aims at everyone with the same marketing mix |
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| any series of firms or individuals that participate in the flow of products from producer to final user or consumer |
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| involves direct spoken communcation b/t sellers and potential customers, face to face, over the phone, via videoconference |
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| communicating with large numbers of customers at the same time |
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| mass selling, or any paid form of nonpersonal presentation of ideas, goods or servies by an identified sponsor |
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| any unpaid form of nonpersonal presentation of ideas, goods or services-is another important form of mass selling |
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| refers to those promotion activities other than advertising, publicity and personal selling-that stimulate interest, trial or purchase by final customers or others in the channel |
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| a written statement of a marketing strategy and the time related details for carrying out the strategy 1-what mkt mix should b offered 2-what co. resources 3-what results |
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| putting marketing plans into operation |
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| short run decisions to help implement strategies |
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| blends all the firm's marketing plans into one big plan |
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| the expected earnings stream (profitability) of a firm's current and prospective customes over some period of time. Top management expects mkt strategy planners to help identify opportunities that will lead to an increase in the firm's customer equity. |
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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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| means that a firm has a marketing mix that the target market sees as better than a competitor's mix |
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| means that the marketing mix is distinct from and better than what is available from a competitor |
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| aid for identifying relevant screening criteria and zeroing in on a feasible strategy: strengths, weaknesses, opportunites and threats |
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| means trying to increase sales of a firm's present products in its present markets-probably through a more aggressive marketing mix ex: Nascar and Coleman coolers |
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| means trying to increase sales by selling present products in new markets ex: EZ Go golf carts in malls, airports, etc |
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| means offering new or improved products for present markets ex: Campbell's soup low sodium |
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| means moving into totally different lines of business-perhaps entirely unfamiliar products, markets or even levels in the production marketing system ex: McDonalds hotels |
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| which sets out the organization's basic purpose for being |
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| affects the number and types of competitors the marketing manager must face and how they may behave 1-pure competition 2-oligopoly 3-monopolistic competition 4-monopoly |
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| an organized approach for evaluating the strengths and weaknesses of current or potential competitors' marketing strategies |
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| firms that will be the 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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| refers to macro economic factors, including nation income, economic growth, and inflation that affect patterns of consumer and business spending |
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| the application of science to convert an economy's resources to output. Technology affects mktg two ways 1-new products 2- new processes |
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| an emphasis on a country's interests before everything else- affect how macro marketing systems work |
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| North American Free Trade Agreement NAFTA |
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| lays out a plan to reshape the rules of trade among the US, Canada and Mexico. Enlarges the free trade pact and est. forum |
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| Cultural and social environment |
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| affects how and why people live and behave as they do-which affects customer buying behavior and eventually the economic, political and legal environments |
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| the idea that it's important to meet present needs without compromising the ability of future generations to meet their own needs |
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| an organizational unit (within a larger company) that focuses on some product markets and is treated as a separate profit center |
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| approach which treats alternative products, divisions or strategic business units as though they were stock investments to be bought or sold using financial criteria |
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| group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services-that is, ways of satisfying those needs |
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| market with broadly similar needs - and sellers offering various, often diverse, ways of satisfying those needs |
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| market with very similar needs and sellers offering various close subtitute ways of satisfying those needs |
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| two step process 1-naming broad product markets 2-segmenting these broad product markets in order to select target markets and develop suitable marketing mixes |
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| aggregating process, clustering people with similar needs into a market segment |
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| a relatively homogenous group of customers who will respond to a marketing mix in a similar way |
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| Single target market approach |
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| segmenting the market and picking one of the homogenous segments as the firm's target market |
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| Multiple target market approach |
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| segmenting the market and choosing two or more segments and then treating each as a separate 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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| try to increase the size of their target markets by combining two or more segments. Look at varios submarkets for similarities rather than differences. |
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| aim at one or more homogenous segments and try to develop a different marketing mix for each segment |
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| those relevant to including a customer type in a product market |
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| those that actually affect the customer's purchase of a specific product or brand in a product market |
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| try to find similar patterns within sets of data. Clustering groups customers who are similar on their segmenting dimensions into homogenous segments. Clustering approaches use computers |
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| Customer relationship management |
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| the seller finetunes the marketing effort with information from a detailed customer database |
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| refers to how customers think about proposed or present brands in a market |
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| Gross Domestic Product GDP |
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| the total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country |
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| is a measure that is similar to GDP, but GNI does not include income earned by foreigners who own resources in that nation |
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| the number of babies born per 1000 people |
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| people born between 1946 and 1964 |
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| Gen X, refers to generation born immediately following the baby boom-from 1965 to 1977 |
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| Millenials, refers to those born from 1978 to 1994, emerged from the echo boom |
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| Metropolitan Statistical Area MSA |
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| an integrated economic and social unit with a large population nucleus; US Census reports data to MSA |
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| income that is adjusted to take out the effects of inflation on purchasing power |
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| what is left of disposable income after paying for necessities |
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| people whose children are grown and who are now able to spend their money in other ways |
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