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| Marketing's 5 basic questions |
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| create and maintain profitable relationships |
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| Product, Price, Place, Promotion |
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(way a company ID's Growth Opp.)
Market penetration
Market Develp.
Prod. Develp
Diversification |
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Definition
Existing products& existing markets
(we just want the customers to buy more)
ex. Sale Promotions, Coupons |
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Definition
Same Prod. New Customers
(we want another target market) |
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| New/Modified Prod., current customers |
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new product & new customers
(create or buy a new product/business)
**RISKY** |
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| Place the product occupies in the consumers mind relative to competition |
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Demographics
Economic
Natural
Tech.
Political
Cultural |
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Form Utility
Place Utility
Time Utility
Possession Utility |
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Term
| 3 levels of a business plan |
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Definition
strategic
Functional
Operational |
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Inbound Logistics
Operations
Outbound Logistics
(everything that goes into designing, making, marketing, delivering, and servicing a product)
Marketing and Sales
Service |
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Term
| providing value to shareholders |
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Definition
competitive adv.
distinctive competency
differential benefit |
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Definition
mass markets
market segments
target markets |
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Definition
1. Question Mark (low market share, high growth industry)
2. Star(industry with high growth and high market share)
3.Cash Cow (low growth industry, large market share)
4.Doggy (low market share, low growth industry) |
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Definition
| Prosperity->Recession->Recovery |
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Term
| competition in the macro environment |
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Definition
Monopoly
oligopoly
monopolistic competition
perfect competition |
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Term
| the competition-micro environment alt target |
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Definition
level 1-competition for discretionary income
level 2-product competition
level 3-brand competition |
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Definition
1. rt. to be safe
2. rt. to be heard
3. rt to be informed
4. rt to choose freely |
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Definition
-Data
-computer hardware & software
-MIS Experts |
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Definition
Syndicated research reports
-secondary data
custom research reports
-deals with primary data |
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Definition
customer acquisition
customer retention
customer abandonment
Market Basket Analysis |
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Definition
Validity
Reliability
representativeness |
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Term
| purpose of internet research |
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Definition
develp. new products
estimate market response
assess attitudes
test markets |
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Term
| B2B demand characteristics |
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Definition
derived demand-bus. demands comes from demand consumer goods
inelastic-when price change bus. still buy same quanitity
fluctuating demand- consumer market can change co. demand
joint demand-need both to create |
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Definition
| business customers buy the same quantity whether the price goes up or down |
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Definition
| acceleration principles- changes in consumer behavior has a ripple effect through lots of bus. |
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Definition
| 2 or more brands make it necessary to create a product. |
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Definition
producers
resellers
not-for-profits
gov't |
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| nature of business buying |
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Definition
buying situation
professional buyer
buying center |
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Definition
straight rebuy
modified rebuy
new task buying |
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Term
| roles in the buying center |
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Definition
initiator
user
gatekeeper
influencer
decider
buyer |
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Definition
prob. recognition
info search
alt. evaluation
product selection
post purchase eval. |
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making a product safe
pricing the product fairly
promoting the prod. ethically
making the product available ethically |
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| joining with a non for profit org. to deal with a social problem. |
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| protectionism- gives home companies competitive adv. over foreign com. |
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| extra steps &paper work that takes more $ and time |
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| general agreement on tariffs and trade |
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Term
| Gross Domestic Product (GDP) |
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Definition
| consider goods & services in country produces w/in rts. borders in 1 yr. |
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Term
| gross national product (GNP) |
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Definition
| all goods and services prod. by a countries indv. and companies regardless of borders in 1 yr. |
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Definition
same marketing in each country
creates economies of scale |
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tailoring marketing to specific country
high customer satisfaction |
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Term
| straight extension strategy |
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Definition
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| product adaptation strategy |
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Definition
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| product invention strategy |
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| environmental sustainability |
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Definition
new environmental tech.
sustainability vision
pollution prevention
product stewardship |
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Definition
exposure
attention
interpretation |
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Definition
| screen most info we're exposed to |
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| interpret info. that consistent w/what we already knw |
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| likely to remember the good pt.s a/b a product we like and vice versa |
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Term
| MASLOWS Hierarchy OF NEEDS |
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Definition
physiological
saftey
social
ego/self esteem
self actualization |
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Definition
cognitive learning-mental process
behavior learning-viewing actions |
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| 3 components of attitudes |
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Definition
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Term
| lifestyles are expressed through |
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Definition
Activities
Interest
Opinions |
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Term
| 2 types of group membership |
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Definition
membership-group we're in
aspirational-group we want to be in |
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