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40 Cards in this Set
- Front
- Back
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Showstoppers
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factors that doom the product
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Environmental/Uncontrllable factors that marketing managers cannot control
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Social, economic, technological, competitive, regulatory
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Customer Value
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buyers' benefits of quality, convenience, on-time delivery, before and after sale service. BEST PRICE, BEST PRODUCT, BEST SERVICE
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Relationship marketing
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linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit'
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Evolution of Marketing
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-Production era: 1920s: goods were scarce, buyers willing to accept anything
-Sales Era: 1920s-1960s: manufactures more goods, increased competition -Marketing Concept era: 1960s- businesses want to satisfy needs of customers while trying to reach own goals -Market orientation: present day: collect info about consumers' needs, understanding proespective buyers intimately. Customer Relationship era and customer relationship management |
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Utility
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Benefits or customer value received by users of the product
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Form Utility
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production of the good/service
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Place utility:
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having the offering available when consumers need it
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Time utility
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having it available when needed
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Possession utility
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value of making an item easy to purchase through provision of credit cards/financial arrangements
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Levels of a business
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Top to bottom:
1. board of directors 2. Corporate level: directs overall strategy for organization 3. Business unit-level: markets a set of related offereings to a clearly defined group of customers 4. Functional level: groups of specialists- strategic direction is more specific and focused |
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The fundamental, passionate, and enduring principles that guide an organization
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core values
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a statement or vision of an organization's function in society
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mission
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the set of calues, ideas, attitudes, and behvaioral norms that is learned and shared among the members of an organizaiton
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organizational culture
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Goals/objectives of a business
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1. profit maximization
2. increase sales 3. increase market share (ratio of firm's sales to the total sales of all firms in industry) 4. Increased quality 5. Customer satisfaction 6. Employee welfare 7. Social responsibility |
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Where are we now?: competencies
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where the organization does best
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Where are we now?: customers
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providing genuine value to customers to ensure that they have a satisfying experience
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Growth strategies
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where do we want to go
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Business portfolio analysis:
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tecnique to quantify performance measures and growth targets of the firm's strategic business units. (market growth rate on vertical axis and relative market share on horizontal axis)
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Cash Cows
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Strategic business units that generate large amounst of cash, dominant share of slow-growth marktes
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Stars: SBU
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Strategic business units with a high share of high-growth markets, might become cash cows
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Question marks: SBU
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Strategic business units: Low share of high-growth marktes, require large amounts of cash to maintain their market share
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Dogs: SBU
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Strategic busines units: with low shares of slow growth markets
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Social environmental force
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Demographic shifts and cultural changes
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Economic environmental force
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macroeconomic conditions and consumer income
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Technological environemtnal force
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changing technology, technology's impact on customer value, electronic business technologies
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Competetive environmental force
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alternative forms of competition, small businesses
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Regulatory environmental force
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laws protecting competition, laws affecting marketing mix actions, self-regulation
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Multicultural marketing
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reflect unique aspects of different races in marketing
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An information and communication- based electronic exchange environment occupied by digitalized offerings
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marketspace
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Forbids contracts, combinations, or conspiracies in retraint of trade and actual monopolies
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Sherman Antitrust Act
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Forbids certain actions that are likely to lessen competition
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clayton act
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maks it unlawful to discriminate by charging different prices to pruchase of the same product in order to create a monopoly
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robinson-patman act
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Monitors product safety
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Consumer product safety act
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Consumerism movement
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movement started to increase power of consumers
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Distribution-related legislation: exclusive dealing
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arrangement a manufacturer makes with a reseller to handle only its products and not those of competitiors
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Distribution-related legislation: exclusive territorial distributorship
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manfacturer grants a distributor the sole rights to sell a product in a specific geographical area
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Distribution-related legislation: tying arrangement
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a seller requires the purchaser of one product ot also buy another item in the line
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Federal trade commission deals with
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deceptive advertising and unfair business practices
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Problems with self-regulation
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noncompliance and enforcement
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