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127 Cards in this Set
- Front
- Back
Marketing |
the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationship with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment. |
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Customers |
the purchasers of organizations products; the focal point of all marketing activities. |
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Target Market |
a specific group of customers now home an organization focuses it marketing efforts. |
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Marketing Mix |
four marketing activities that a firm can control to meet the needs of customers within its target market. -Product -Pricing -Distribution -Promotion |
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Product |
a good or service, or an idea. |
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Value |
a customers subjective assessment of benefits relative to costs in determining the worth of a product. |
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Exchanges |
the provision or transfer of goods, services, or ideas in return for something of value.
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Stakeholders |
constituents who have a stake or claim in some aspect of the company’s products, operations, markets, industry, and outcomes. |
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Marketing Environment |
the competitive, economic, political, legal and regulatory, technological and sociocultural forces that surround the customer and affect then marketing mix. |
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Market Concept |
a managerial philosophy that an organization should try to satisfy customers needs through a coordinated set of activities that also allows the organization to achieve its goals. |
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Market Orientation |
an organization wide commitment to researching and responding to customer needs. |
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Customer Relationship Management (CRM) |
using information about customers to create marketing strategies that develop and sustain desirable customer relationships. |
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Relationship Marketing |
establishing long term mutually satisfying buyer seller relationships. |
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Green Marketing |
a strategic process involving stakeholder assessment to create meaningful long term relationships with customers while maintaining, supporting, and enhancing the natural environment. |
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Environmental Scanning |
he process of collecting information about forces in the marketing environment. |
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Environment analysis |
the process of assessing and interpreting the information gathered through environmental scanning. |
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Competition |
other firms that market products that are similar to or can be substituted for a firms products in the same geographic area. |
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Brand Competitors |
firms that market products with similar features and benefits to the same customers at similar prices. |
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Product Competitors |
firms that compete in the same product class but market products with different features, benefits, and prices. |
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Total Budget Competitors |
firms that compete for the limited financial resources of the same customers. |
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Monopoly |
a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply. |
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Oligopoly |
a competitive structure in which a few sellers control the supply of a large proportion of a product. |
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Monopolistic Competition |
a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product. |
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Pure Competition |
a market structure characterized by an extremely large number of sellers. none strong enough to significantly influence price or supply. |
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Buying Power |
resources, such as money, goods, and services that can be traded in an exchange. |
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Disposable Income |
after tax income. |
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Discretionary Income |
disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter. |
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Willingness to Spend |
an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces. |
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Business Cycle |
a pattern of economic fluctuations that has 4 stages: Prosperity, recession, depression and recovery. |
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Federal Trade Commission (FTC) |
an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling. |
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Better Business Bureau |
a local, nongovernmental regulatory agency, supported by local businesses, that helps settle problems between customers and specific business firms. |
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National Advertising Review Board (NARB) |
a self regulatory unit that considers challenges to issues raised by the National Advertising Division about an advertisement. |
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Technology |
the application knowledge and tools to solve problems and preform tasks more efficiently. |
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Sociocultural Forces |
he influences in a society and its culture that change peoples attitudes, beliefs, norms, customs, and lifestyles. |
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Social Responsibility |
an organizations obligation to maximize its positive impact and minimize negative impact of society. |
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Marketing Citizenship |
the adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders. |
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Ethical Issue |
an identifiable problem, situation, or opportunity requiring a choice among several actions that must be ethical or unethical. |
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Cause Related Marketing |
the practice of linking products to a particular social cause on an ongoing or short term basis. |
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Strategic Philanthropy Approach |
the synergistic use of organizational core competencies and resources to address key stakeholders interests and achieve both organizational and social benefits. |
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Consumerism |
organized efforts by individuals, groups, and organizations to protect consumers rights. |
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Codes of Conduct |
formalized rules and standards that describe what the company expects of its employees. |
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Consumer Market |
Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profit. |
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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 Targeting Strategy |
A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product. |
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Homogeneous Market |
A market in which a large proportion of customers have a similar needs for a product. |
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Heterogeneous Market |
A market made up of individuals or organizations with diverse needs for products in a specific product class. |
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Market Segmentation |
he process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs. |
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Market Segment |
Individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs. |
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Concentrated Targeting Strategy |
A market segmentation strategy in which an organization targets a single market segment using one marketing mix. |
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Differentiated Targeting Strategy |
A strategy in which an organization target 2 or more segments by developing a market mix for each segment. |
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Segmentation Variables |
Characteristics of individuals, groups or organizations used to divide a market into segments. |
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Market Density |
The number of potential customers within a unit of land area. |
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Geodemographic Segmentation |
A method of market segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information. |
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Micromarketing |
An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets. |
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Benefit Segmentation |
The division of a market according to benefits that consumers want from the product. |
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Market Potential |
the total amount of a product that customers will purchase within a specified period at a specific level of industry wide marketing activity. |
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Company Sales Potential |
The maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product. Breakdown Approach: Measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it. |
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Buildup Approach |
Measuring company sales potential by estimating how much of a product a potential buyer in a specific geographic area will purchase in a given period, multiplying the estimate by the number of potential buyers, and adding the totals of all the geographic areas considered. |
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Sales Forecast |
the amount of a product a company expects to sell during a specific level of marketing activities. |
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Executive Judgment |
A sales forecasting method based on the intuiting of one or more executives. |
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Customer forecasting Survey |
A survey of customers regarding the types and quantities of products they intend to buy during a specific period. |
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Sales Force Forecasting Survey |
A survey of a firm’s sales force regarding anticipated sales in their territories for a specified period. |
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Expert Forecasting Survey |
Sales forecasts prepared by experts outside the firm, such as economists, management consultants, advertising executives, or college professors. |
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Delphi Technique |
A procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts. |
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Time Series Analysis |
A forecasting method that uses historical sales data to discover patterns in the firm’s sales over time and generally involves trend, cycle, seasonal, and random factor analyses. |
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Trend Analysis |
an analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales. |
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Cycle Analysis |
An analysis of sales figures for a 3 to 5 year period to ascertain whether sales fluctuate in a consistent, periodic manner. |
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Seasonal Analysis |
An analysis of daily, weekly, or monthly sales figures to evaluate the degree in which seasonal factors influence sales. |
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Random Factor Analysis |
An analysis attempting to attribute erratic sales variations to random, nonrecurrent events. |
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Regression Analysis |
A method of predicting sales based on finding a relationship between past sales and one or more independent variables, such as population or income. |
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Market Test |
Making a product available to buyers in one or more test areas and measuring purchasers and consumer responses to marketing efforts. |
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Buying behavior |
the decision processes and actions of people involved in buying and using products. |
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Consumer buying behavior |
the decision processes and purchasing activities of people who purchase products for personal or household use and not for business purposes. |
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Consume buying decisions |
a five-stage purchase decision process that includes problem recognition, information search, evaluation of alternatives, purchase, and post purchase evaluation. |
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Internal search |
an information search in which buyers search their memories for information about products that might solve their problem. |
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External search |
an information search in which buyers seek information from sources other than their memories. |
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Consideration set |
a group of brands within a product category that a buyer views as alternatives for possible purchase. |
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Evaluative criteria |
objective and subjective product characteristics that are important to a buyer. |
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Cognitive dissonance |
a buyers doubts shortly after a purchase about whether the decision was right one. |
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Level of involvement |
an individual’s degree of interest in a product and the importance of the product for the person. |
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Routinized response behavior |
a consumer problem solving process used when buying frequently purchased, low cost items that require very little search and decision effort. |
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Limited decision making |
a consumer problem solving process used when purchasing products occasionally or needing information about unfamiliar brand in a familiar product category.
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Extended decision making |
a consumer problem solving process employed when purchasing unfamiliar, expensive, or infrequently bought products. |
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Impulse buying |
an unplanned buying behavior resulting from a powerful urge to buy something immediately. |
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Situational influences |
influences that result from circumstances, time, and location that affect the consumer buying decision process. |
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Psychological influences |
factors that in part determine people’s general behavior, thus influencing their behavior as consumers. |
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Perception |
the process of selecting, organizing, and interpreting information inputs to produce meaning. |
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Information inputs |
sensations received through sight, taste, hearing, smell, and touch. |
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Selective exposure |
he process by which some inputs are selected to reach awareness and others are not. |
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Selective distortion |
an individual’s changing of twisting of information that is inconsistent with personal feelings or beliefs.
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Selective Retention |
remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not. |
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Motive |
an internal energizing force that directs a person’s behavior toward satisfying needs or achieving goals. |
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Maslow’s hierarchy of needs |
the five levels of needs that humans seek to satisfy, from most to least important. |
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Patronage motives |
motives that influence where a person purchases products on a regular basis. |
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Learning |
changes in an individual’s thought processes and behavior caused by information and experience. |
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Attitude |
an individual’s enduring evaluation of feelings about and behavioral tendencies toward an object or idea. |
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Attitude scale |
a means of measuring consumer attitudes by gauging the intensity of individual’s reactions to adjectives, phrases, or sentences about an object. |
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Personality |
a set of internal traits and distinct behavioral tendencies that result in consistent patterns of behavior in a certain situations. |
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lifestyle |
an individuals pattern of living expressed through activities, interests, and opinions. |
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Social influences |
the forces other people exert on one’s buying behavior. |
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Roles |
actions and activities that a person in a particular position is supposed to preform based on expectations of the individual and surrounding persons. |
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Consumer socialization |
the process through which a person acquires the knowledge and skills to function as a consumer. |
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Reference group |
a group that a person identifies with so strongly that he or she adopts the values, attitudes, and behavior of group members. |
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Opinion leader |
a member of an informal group who provides information about a specific topic to other group members. |
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Social class |
an open group of individuals with similar social rank. |
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Culture |
the accumulation of values, 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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Subculture |
a group of individuals whose characteristics, values, and behavioral patterns are similar within the group and different from those of people in the surrounding culture. |
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Consumer misbehavior |
behavior that violates generally accepted norms of a particular society. |
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Producer markets |
individuals and business organizations that purchase products to make profits by using them to produce other products or using them in their operations. |
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Reseller markets |
intermediaries that buy finished goods and resell them for a profit. |
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Government markets |
federal, state, county, or local governments that buy goods and services to support their internal operations and provide products to their constituencies. |
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Institutional markets |
organizations with charitable, educational, community, nor other nonbusiness goals. |
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Reciprocity |
an arrangement unique to business marketing in which two organizations agree to buy from each other. |
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Concerns of business customers |
business customers are concerned about several major factors, including costs, acquiring the right product that works effectively , and customer service. |
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New task purchase |
an organizations initial purchase of an item to be used to preform a new job or solve a new problem. |
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Straight re buy purchase |
a routine purchase of the same products under approximately the same terms of sale by a business buyer. |
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Modified re buy purchase |
a new task purchase that is changed on subsequent orders or when the requirements of a straight re buy purchase are modified. |
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Derived demand |
demand for business products that stems from demand for consumer products.
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Inelastic demand |
demand that is not significantly altered by a price increase or decrease. |
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Joint demand |
demand involving the use of two or more items in combination to produce a product. |
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Business buying behavior |
the purchase behavior of producers, government units, institutions, and resellers. |
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Buyer center |
the people within an organization who make business purchase decisions. |
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Value analysis |
an evaluation of each component of a potential purchase. |
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Vendor analysis |
a formal, systematic evaluation of current and potential vendors. |
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Multiple sourcing |
an organizations decisions to use several suppliers. |
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Sole sourcing |
an organization’s decisions to use only one supplier. |
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North American industry classification system |
an industry that generates comparable statistics among the United States, Canada, and Mexico.
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