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32 Cards in this Set
- Front
- Back
Marketing |
The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment. |
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4 P's of Marketing |
Product: a product can be a good, service, or ideas Price: relates to decisions and actions associated with establishing pricing objectives and policies Place (distribution): makes products available in quantities desired Promotion: Inform individuals or groups about the organization and its products/services |
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Value-Driven Marketing |
Value: a customer's subjective assessment of benefits relative to costs in determining the worth of a product (Value= Customer Benefits-Customer Costs) |
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Marketing Concept |
A management philosophy that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals (all efforts of the organization) |
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Strategic Marketing Management |
is the process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently |
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Strategic Planning |
is the process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and marketing plan |
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Corporate Identity |
should support all corporative activities - Unique symbols - personalities - philosophies |
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Marketing Plan |
-a written document that specifies the activities to be performed to implement and control the organization's marketing strategies The systematic process of: - Assessing marketing opportunities and resources - Determining objectives - Defining strategies - Establishing guidelines for implementation and control of the marketing program
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Environmental Scanning |
the process of collecting information about forces in the marketing environment |
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Environmental Analysis |
the process of assessing and interpreting the information gathered through environmental scanning (how you deal with the information collected during scanning) |
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Social Responsibility |
an organizations obligation to maximise its positive impact and minimize its negative impact of society |
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Social Responsibility and Ethics Improve Marketing Performance |
evidence shows there are long-term financial benefits to being ethical and socially responsible |
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Marketing Research |
systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities |
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Conclusive Research |
designed to verify insights through objective procedures and to help marketers in making decisions |
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Marketing Research Process |
-Locating and defining issues or problems -Designing the research project -Collecting data -Interpreting research findings -Reporting research findings |
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Customer Market |
purchasers are household members who intend to consume or benefit from purchased products and do not buy products to make profits |
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Business Market |
individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations |
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Undifferentiated Target Strategy |
- should be homogenous market: customers have similar needs for a product - a single marketing mix directed at the entire market |
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Concentrated Target Strategy |
- Heterogeneous market: individuals or organizations with diverse needs for products in the same class - Targeting a single market segment using one marketing mix
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Differentiated Targeting Strategy |
- Heterogeneous market - Targeting 2 or more segments with a marketing mix of each |
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Segmentation Variables |
characteristics of individuals, groups, or organizations used to divide a market into segments |
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Target Market Selection Process |
Step 1: Identify the appropriate targeting strategy Step 2: Determine which segmentation variables to use Step 3: Develop market segment profiles Step 4: Evaluate relevant market segments Step 5: Select specific target markets |
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Consumer Buying Behavior |
the decision process and purchasing activities of ultimate consumers, those people who purchase products for personal or household use and not for business purposes |
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Perception |
selecting, organizing, and interpreting information to produce meaning |
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Attitudes |
- refers to an individual's enduring evaluation of feelings about behavioral tendencies toward an object or idea - can be positive or negative - cognitive: knowledge and information - affective: feelings and emotions - behavioral: actions regarding the object or idea |
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Culture |
the accumulation of value, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment and passes on to future generations |
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Subcultures |
groups of individuals whose characteristics values and behavior patterns are similar and different from those of the surrounding culture |
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Monopoly |
when an organization offers a product that has no close substitute, making it the sole source of the supply |
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Oligopoly |
a market form in which a market or industry is dominated by a small number of sellers |
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Monopolistic Competition |
when an organization with many competitors develops a marketing strategy to differentiate its product |
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Pure Competition |
involves a large number of sellers, no one of which influences price or supply |