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51 Cards in this Set
- Front
- Back
micro-marketing
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performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or cleint
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pur subsistence economy
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when each family unit produces everything it consumes; no need for exhange of G7S.
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macro marketing
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social process that directs an economy's flow of g&s from producers to consuemrs in a way that effectively matches suply and demand
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marketing concept
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organization aims all efforts to satisfying cutomser at a profit
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production orientation
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making whatever products are easy to prodcue and then trying to sell them
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mkareting orientaiton
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trying to carry out the marketinc concept.
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customer value
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difference b/t benefits a customer sees from a market offering and costs of obtinain those benefits
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trying to get new customers by taking them away from a competitior is mor costly than
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retaining current customers by really satisfying their needs
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micro-macro dilemma
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what is "good" for some firms and consumers may not be good for society as a whole
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social responsibility
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firm's obligation to improve its positive feffects on society and reduce its negative effects
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4 P's
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product, place, price, promotion
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channel of distribution
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any series of firms (or individuals) that participate in the flow of products from producer to fina user or consumer.
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personal selling
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invovles direct spoken communication b/t sellers and potential customers
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mass selling
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communicating w/ large numbers of cutomser at the same time
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advertising
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any paid form of nonpersonal presentation of ideas, goods, or services by an identifiied sponsor
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publicity
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any unpaid form of nonpersonal presentation of ideas, g, or s
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sales promtion
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promiton activities other than advertising-stimulate interest, trial, or purchase
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marketing plan
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written stmt of marketing strategy and time-related details for carrying out strategy; 1. what marketing mix offered (target market and how long) 2. what company resources will be needed at what rate 3. what results are expecred (sales and proftis perhaps monthly or quarterly, customer satisfaction;
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marketin gprogram
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blends all of firm's marketing plans into one "big" plan
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marketing is..
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performace of activities that seek to accomplish an organization's objective by anticipating customer or client needs and directing a flow of need-satisfying goods and services from prudcer to customer or client
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effective marketing startegy plnaning matches opportunities to
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the firm's resrouces and its objectives (what top mgmt wants to do)
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breakthrough opporutnities
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opportunities htat hlelp innovators develop hard-to-copy marketing strategies that will be very profitable for a very long time
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competitives advantage
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firm has a marketing mix that the target market sees as better than a competitior's mix
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differentiation
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marketin mix is distinct from and better than what is available from a competitor
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SWOT Analysis
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identifies an dlists the firm's strenths, weaknesses, opportunities, threats-->to focus on a strategy that takes advanatge of s and w, avoid w and t
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market penetration
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trying to increase sales of a firm's present products in its present marketers-more aggressive--> camping gear at NASCAR
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market development
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tyring to increase sales by selling present products in new markets (golf carts)
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product development
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offering new or improved products for present markets (green ketchup)
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diversification
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moving into totlaly differnet lines of business (mcdonalds open up hotels)
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market
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group of potentail customers with similar needs who are willing to exchange somethign of value w/ sellers offering various g&S
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generic market
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market with broadly similar needs-seelers offering various, often diverse ways of satisfying those needs.
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product-market
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market w/ very similar needs and sellers offering various close substitute ways of satisfying those needs
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direct market enviornement
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includes customers, compny, compettiors-- 4C's
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external market enviornement
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ecomoinc(interest rates, inflation, exchange rates),
technological(new products, processes) , political/legal(laws, regulatios, nationalism, gov't legislation), cultural/socail enviornement(how and why people live and behave as they do) .. PEST |
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competitor analysis
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organized approach for evaluating the strenghts and weaknesses of current/potential competitiors' marketin gstrategies.
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consumerism
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social mvmt that seeks to increase the rights and powers of consumers
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psychographics or lifestyle analysis
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the analysis of a person's day-to-day patern of living as expressed in that person's Activities, Interets, and Opinoins-sometimes referred to as AIOs. ---->assumes that marketrs can plan more effective strategies if they know more about thier target markets
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extensive problem solving
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put alot of effort into deciding how to satisfy need
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limited problem solving
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willing to put some effort into deciding the best way to satisfy a need
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routinized response behavior
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when they regularly select a particular way of satisfying a need when it cocurs
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low-invovlement purchases
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purhchases that have little importance or relevance for the customer--buying a box of salt
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dissonance
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tension caused by uncertainty about the rightness of a decision
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market
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an aggregate of individuals and/or organizations that have needs in a product class and have the ability, willingness and authority to purchase these prodcuts
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consumer market
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buyers who intedn to beneftif rom or consume the purchased product w/o intnetion to make profit
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consumer buying behavior
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decision processes and acts of ultitmate consumers invovled in buying and using product
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busines makret
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buyers who inted to buy the product of the purpose of resale, produce othe rgoods, or provide other services.
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consumer buying decision process
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problem recognition, information search, evaluation of alternatives, purchase, post-purchase evaluation
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internal serach
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buyers frisst search their memories for products that might solve their problems
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external serach
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buyers seek information from outside srouces if they cannot retrieve enough info from memory for a decision
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factors influencing buying decision process
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demographic (gender age, education)
psychographic (lifestyle, itnersts, opinions, etc.) social(role and family influence, reference group/opinoin leader) situation |
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VALS (value and life style)
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developed by SRI Consulting-psychographic system which links demographics and purchase apttersns with pscyhological traits, value and lifestyle
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