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16 Cards in this Set
- Front
- Back
marketing
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the process of creating, distributing, promoting & pricing goods, service & ideas to facilitate satisfying exchange relationships with customers & develop & maintain favorable relationships with stakeholders in a dynamic environment
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Marketing Mix
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product, distribution, promotion & pricing; they decide what type of each variable to use & in what amounts, a primary goal of marketing manager is to maintain the right mix of these elements to satisfy customer needs for a general product type
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Marketing Strategy
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the variable that a company chooses to market its product with
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The product variable
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deals with researching customers' needs & wants &
designing a product (good, service, or idea) that satisfies them; involves creating or modifying brand names & packaging & it may also include decisions regarding warranty & repair services |
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The distribution variable
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products must be available at the right time and
through convenient distribution methods |
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The promotion variable
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refers to activities used to inform individuals or
groups about the organization & its existing products: promotional activities can also educate customers about product features or urge people to take a particular stance on a political or social issue |
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The price variable
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relates to decisions & actions associated with
establishing pricing objectives & policies & determing product prices; this is a critical component & also the easiest variable to manipulate |
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Concept of exchange
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the provision or transfer of goods, services, or ideas in return
for something of value. Any product (good, service, or idea) may be involved in a marketing exchange |
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Target Market
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specific group of customers that may be a vast number of people or
a relatively small group that organizations focus their marketing efforts on |
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Marketing Concept
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a philosophy that an organization should try to provide
products that satisfy customers needs through a coordinated set of activities that also allows the organizaion to achieve its goals; customer satisfaction is the major focus |
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Evolution of marketing concept (production)
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1850-1920 the industrial revolution
made it possible to produce goods more efficiently thanks to the discoveries of electricity, rail transportation, division of labor, assembly lines & mass production. Products poured into the marketplace |
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Evolution of marketing concept (sales)
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1920-1950; strong demand for products
subsided and businesses realized they would have to "sell" products to buyers; businesses viewed sales as the major means of increasing profits & came to adopt a sales orientation, they believed personal selling, advertising, & distribution were the most important marketing activities |
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Evolution of marketing concept (marketing orientation)
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1950s- present day
businesses began to realize that they must first determine what customers want & then produce these products rather than making the products first & then convincing people that they needed to buy them. A market orientation requires an organization- wide commitment to researching & responding to customer needs. |
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Relationship marketing
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establishing long-term, mutually beneficial buyer-seller
relationships through the creation of more satisfying exchanges by focusing on value |
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Customer relationship management (CRM)
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focuses on using information about
customers to create marketing strategies that develop & sustain desirable customer relationships; organizations attempt to increase long-term profitability by building customer loyalty, which results from increasing customer value |
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Concept of Value
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a customer's subjective assessment of benefits relative to cost in
determining the worth of a product; it is important in long-term customer relationships |