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Marketing
is the activity from creating,communicating,delivering,and exchanging offering that benefit its customers, the organization, its stakeholders, and society at large.
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Market
people with both the desire and the ability to buy a specific offering.
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Marketing Mix
The four P's are an element of the _____
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customer value proposition
a cluster of benefits that an organization promises customers to satisfy their needs.
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environment forces
forces behind marketing control, social,,economic,technological, competitive, and regulatory forces.
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customer value
is the unique combination of benefits received by targeted buyers that includes, quality, convenience, on-time delivery, and both before sale and after sale service at a specific price.
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relationship marketing
links the organization to its individual customers, employees,suppliers,and other partners for their mutual long-term benefits.
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Marketing program
a plan that integrates the marketing mix provide a good,service , or idea to prospective buyers.
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marketing concept
is the idea that an organization should 1) strive to satisfy the needs of customers 2) while also achieve the organization's goals.
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Marketing orientation
focuses its efforts on 1) continuously collecting information about its customers needs 2) sharing this information across departments, 3) using it to create customers values
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societal marketing concept
the view that an organization should discover and satisfy the needs of it customers in a way that also provides for society's well-being.
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product
is a good or service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value.
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ultimate consumers
are the people who use the product and service purchased for a household.
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organizational buyers
are those manufactures,wholesalers,retailers,and government agencies that buy products and services for thier own use or resale.
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utility
the benefit or customer value received by users of the product.
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target market
one or more specific groups of potential consumers toward which the organization directs its marketing programs.
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exchange
the trade of things of value between a buyer and a seller so that each is better off .
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profit
the reward to a business firm for the risk it undertakes in marketing its offerings.
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Strategy
an organization's long-tern course of action that delivers a unique customer experience while achieve it's goal.
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core values
are the fundamental, passionate, and enduring principles that guide an organization.
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mission
a statement or vision of an organization's function in society
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organization culture
the set of values, ideas, attitudes, and behavioral, norms that is learned and shared among the members of an organization.
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business
the underlying industry or market sector of an organization's offering.
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goals (objectives)
targets of performance to be achieved, often by a specific time.
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market share
ration of a firm's sales to the total sales of all firms in the industry.
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marketing dashboard
the visual computer display of essential marketing information.
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marketing metric
A measure of the value or trend of a marketing activity or result.
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marketing plan
a road map for the marketing activities of an organization for a specified future time period.
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business portfolio analysis
a technique that managers use to quantify performance measures and growth targets of their firms strategic business units.
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diversification analysis
a technique a firm uses to search for growth opportunities from among current and new products and markets.
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strategic marketing process
an approach whereby an organization allocates its marketing mix resources to reach its target markets.
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situation analysis
taking stock of where a firm or product have been recently,where it is now, and where it is headed.
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SWOT analysis
an acronym describing an organizations's appraisal of its internal strengths and weaknesses and its external opportunities and threats.
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Market segmentation
the sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action.
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points of difference
those characteristics of a product that make it superior to competitive substitutes.
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marketing strategy
the means by which a marketing goals is to be achieved
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marketing tactics
detailed day-to-day operational decisions essential to the overall success of marketing strategies.
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environmental scanning
the process of acquiring information on events outside the organization to identify and interpret trends
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social forces
the demo graphics characteristics and the culture of population
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demographics
description if a population according to characteristic such as, age, gender, ethnicity,income, and occupation.
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baby boomers
the generation of children born between 1946 to 1964
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generation X
members of the U.S. population born between 1965 and 1976
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generation Y
the 72 millions Americans born between 1977 and 1994.
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multicultural marketing
marketing programs that reflect unique aspects of different races.
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culture
the sets of values, ideas m and attitudes that is learned and shared among the members of a group.
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economy
pertains to the income and resources that affect the cost of running a business or household.
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technology
inventions from applied science or engineering research
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marketspace
an information- and communication-based electronic exchange environment occupied by digitized offerings.
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competition
alternative firms that could provide a product to satisfy a specific market's needs.
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regulation
restrictions that state and federal laws place on business .
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consumerism
a movement started to increase the influence, power, and rights of consumers in dealing with institutions.
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seld-regulation
an alternative to government control, whereby an industry attempts to police itself.
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ethics
the moral principles and values that govern the actions and decisions of an individual or a group.
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Consumer Bill of Rights
codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard .
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Code of Ethics
a formal statement of ethical principles and rules of conduct.
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moral idealism
a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.
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utilitarianism
a personal moral philosophy that focuses on the greatest good for the greatest number .
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green marketing
marketing efforts to produce, promote and reclaim, environmentally sensitive products.
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cause marketing
tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products.
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consumer behavior
the actions a person takes in purchasing and using products and services.
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purchase decision process
the stages a buyer passes through in making choices about which products or services to buy
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involvement
the personnel,social,and economic significance of a purchase to the consumer.
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motivation
the energizing force that stimulates behavior to satisfy a need.
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personality
A person's consistent behaviors or responses to recurring situations .
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perception
the process by which a person selects, organizes, and interprets information to create a meaningful picture of the world.
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perceived risk
the anxiety felt when a consumer cannot anticipate possible negative outcome of a purchase.
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learning
behaviors that result from repeated experience and reasoning.
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brand loyalty
A favorable attitude toward and consistent purchase of a single brand over time.
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attitude
A tendency to respond to something in a consistently favorable or unfavorable way.
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beliefs
A consumers perception of how a product or brand performs
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opinion leaders
individuals who have social influence over other
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word of mouth
people influencing each other in personal conversations
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reference groups
people to whom an individual looks as a basis for self-appraisal or as a source of personal standards.
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family life cycle
a family's progression from formation too retirement, each phase bringing with it distinct purchasing behaviors.
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subcultures
subgroups within the larger, or national, culture with unique values,ideas, and attitudes.
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business marketing
the marketing of products and services to firms, governments, or not-for-profit organization.
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organizational buyers
manufactures, wholesalers,retailers, and government agencies that buy products and services for their own use or for resale.
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derived demand
the demand for industrial products services is driven by demand for consumer products and services.
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organizational buying behaviors
the process by which organizational determine the need for products and then choose among alternative suppliers.
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buying center
the group of people in an organization that participates in the buying process
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buy classes
there types of organizational buying situations: new buy,straight buy, or modified rebuy.
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e-marketplaces
online trading communities that bring together buyers and supplier organizations.
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traditional auction
occurs when a seller put on item up for sale and would-be buyer bid in competition with each other
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reverse auction
occurs when a buyer communications a need for something and would be suppliers bid in competition with each other.
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