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Definition
| what is good for some firms and consumers may not be good for society as whole |
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| the concept of an organization aiming all its efforts at satisfying its customers at a profit |
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| Abernethy theory on social responsibilty |
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Definition
| social responsibilty is not the responsibility of a firm. a business should follow the law and make a profit |
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Definition
| the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits |
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| a written statement of a marketing strategy and the time related details for carrying out the strategy |
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| four p's of a marketing mix |
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Definition
| product, place, promotion, price |
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Definition
| = total revenue - total cost |
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| = fixed costs + variable costs |
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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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Term
| 3 ways a firm increases prices |
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Definition
1)sell more units at the same price
2) lower costs while maintaining price and quantity sold
3)meet target market needs better than competitors and successfully charge a higher price |
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Term
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Definition
| a market with broadly similar needs and sellers offering various, often diverse, ways of satisfying those needs |
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Definition
| a market with very similar needs and sellers offering various close substitute ways of satisfying those needs |
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| a practical approach that tries to narrow down the marketing focus to product-market areas where the firm is more likely to have a competitive advantage or even to find breakthrough oppurtunities |
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Definition
| an aggregating process clustering people with similar needs into a market segment |
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Definition
| those relevant to including a customer type in a product market |
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Definition
| those that actually affect the customer's purchase of a specific product or brand in a product market |
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Definition
| techniques that are used to try to find similar patterns within sets of data in order to cluster customers into homogeneous segments |
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Definition
| the application of science to convert an economy's resources to output |
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Definition
| (1980) protects against monopoly or conspiracy in restraint of trade; product, place, price |
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Definition
| (1914) protects against limiting competition; product, place, price |
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| Federal Trade Commision Act |
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Definition
| (1914) protects against unfair methods of competition; place, promotion, price |
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Definition
| (1936) protects against things that limit competition; place, promotion, price |
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Definition
| (1938) unfair or deceptive practices; product, promotion, price |
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Definition
| (1950) lessens competition; product, place |
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| (1975) unreasonable practices; product |
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Term
| cultural and social environment |
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Definition
| affects how and why people live and behave as they do, which affects customer buying behavior and eventually the economic, political, and legal environment |
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Term
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Definition
| = total assets(not income) - total liabilities |
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Term
| 5 examples of economic needs |
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Definition
| 1)economy of purchase or use 2)convenience 3)effeciency in operation or use 4)dependabilty in use 5) improvement of earnings |
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Definition
| the basic forces that motivate a person to do something |
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| a strong stimulus that encourages action to reduce a need |
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Definition
| biological needs-food, drink, rest, and sex |
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| protection and physical well-being - health, food, medicine, and excercise |
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| love, friendship, status, and esteem - things that involve a persons interaction with others |
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| an individual's need for personal satisfaction, unrelated to what others think or do |
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Definition
| an outcome or event that a person anticipates or looks forward to |
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Definition
| consumer becomes aware of a discrepancy between their existing and their desired state of affairs |
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Definition
| gathering info in order to determine the alternative means to solve a problem |
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Definition
| buying specialists for their employers |
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Term
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Definition
| occurs when an organization has a new need and the customer wants a great deal of info |
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Term
| 4 basic methods of organizational buying |
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Definition
| 1)insoection 2)sampling 3)description 4)negotiated contracts |
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Term
| 4 resellers buying criteria |
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Definition
| 1)will product sell 2)at what price (profit margin) can it be sold for 3)how many can be sold 4) how fast will they sell |
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