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105 Cards in this Set
- Front
- Back
Advertising;
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Any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor.
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Break-through Opportunities;
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Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.
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Buying Function;
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Looking for and evaluating goods and services.
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Channel of Distribution;
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Any series of firms or individuals who participate in the flow of products from producer to final user or consumer.
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Clustering Techniques;
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Approaches used to try to find similar patterns within sets of data.
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Combined Target Market Approach;
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Combining two or more submarkets into one larger garget market as a basis for one strategy.
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Combiners;
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Firms that try to increase the size of their target markets by combining two or more segments.
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Competitive Advantage;
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A firm has a marketing mix that the target market sees as better than a competitor’s mix.
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Competitive Barriers;
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The conditions that may make it difficult, or even impossible, for a firm to compete in a market.
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Competitive Environment;
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The number and types of competitors the marketing manager must face, and how they may behave.
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Competitive Rivals;
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A firm’s closet competitors.
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Competitor Analysis;
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An organized approach for evaluating the strengths and weaknesses of current or potential competitors’ marketing strategies.
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Consumerism;
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A social movement that seeks to increase the rights and powers of consumers.
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Cultural and Social Environment;
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Affects how and why people live and behave as they do.
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Customer Relationship Management (CRM);
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An approach where the seller fine-tunes the marketing effort with information from a detailed customer database.
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Customer Value;
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The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
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Determining Dimensions;
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The dimensions that actually affect the customer’s purchase of a specific product or brand in a product-market.
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Differentiation;
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The marketing mix is distinct from and better than what’s available from a competitor.
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Diversification;
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Moving into totally different lines of business-perhaps entirely unfamiliar products, markets, or even level in the production-marketing system.
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E-Commerce;
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Exchanges between individuals or organizations-and activities that facilitate those exchanges-based on applications of information technology.
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Economic and Technological Environment;
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Affects the way firms, and the whole economy, use resources.
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Economic System;
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The way and economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society.
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Economies of Scale;
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As a company produces larger numbers of a particular product, the cost for each of these products goes down.
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Facilitators;
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Firms that provide one or more of the marketing functions other than buying or selling.
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Financing;
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Provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products.
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Generic Market;
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A market with broadly similar needs-and sellers offering various and often diverse ways of satisfying those needs.
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Implementation;
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Putting marketing plans into operation
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Innovation;
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The development and spread of new ideas, goods, and services.
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Intermediary (or middleman);
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Someone who specializes in trade rather than production, sometimes called a middleman.
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Internet;
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A system for linking computers around the world.
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Macro-Marketing;
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A social process that directs an economy’s flow of goods and services from producers to consumers in a way That effectively matches supply and demand and accomplishes the objectives of society.
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Market;
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A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services-that is, ways of satisfying those needs.
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Market Development;
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Trying to increase sales by selling present products in new markets.
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Market Information Function;
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The collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities.
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Market Penetration;
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Trying to increase sales of a firm’s present products in its present markets-probably through a more aggressive marketing mix.
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Market Segment;
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A relatively homogeneous group of customers who will respond to a marketing mix in a similar way.
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Market Segmentation;
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A two-step process of (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.
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Market-Directed Economic System;
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The individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.
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Marketing Company Era;
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A time when, in addition to short-run marketing planning, marketing people develop long-range plans-sometimes five or more years ahead-and the whole company effort is guided by the marketing concept.
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Marketing Concept;
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The idea that an organization should aim all its efforts at satisfying its customers-at a profit.
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Marketing Department Era;
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A time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm’s activities.
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Marketing Ethics;
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The moral standards that guide marketing decisions and actions.
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Marketing Management Process;
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The process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans.
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Marketing Mix;
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The controllable variables that the company puts together to satisfy a target group.
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Marketing Orientation;
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Trying to carry out the marketing concept.
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Marketing Plan;
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A written statement of a marketing strategy and the time-related detail for carrying out the strategy.
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Marketing Program;
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Blends all of the firm’s marketing plans into one big plan.
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Marketing Strategy;
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Specifies a target market and a related marketing mix.
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Mass Marketing;
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The typical production-oriented approach that vaguely aims at everyone with the same marketing mix.
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Mass Selling;
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Communicating with large numbers of potential customers at the same time.
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Micro-Macro Dilemma;
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What is good for some producers and consumers may not be good for society as a whole.
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Micro-Marketing;
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The 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 client.
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Mission Statement;
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Sets out the organization’s basic purpose for being.
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Multiple Target Market Approach;
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Segmenting the market and choosing two or more segments, then treating each as a separate target market needing a different marketing mix.
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Nationalism;
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An emphasis on a country’s interests before everything else.
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North American Free Trade Agreement (NAFTA);
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Lays out a plan to reshape the rules of trade among the U.S., Canada, and Mexico.
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Operational Decisions;
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Short-run decisions to help implement strategies.
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Personal Selling;
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Direct spoken communication between sellers and potential customers, usually in person but sometimes over the telephone or even via a video conference over the Internet.
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Place Utility;
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Having the product available where the customer wants it.
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Planned Economic System;
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Government planners decide what and how much is to be produced and distributed by whom, when, to whom, and why.
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Portfolio Management;
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Treats alternative products, divisions, or strategic business units (SBUs) as though they are stock investments to be bought and sold using financial criteria.
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Positioning;
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An approach that refers to how customers think about proposed or present brands in a market.
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Possession Utility;
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Obtaining a good or service and having then right to use or consume it.
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Product Development;
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Offering new or improved products for present markets.
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Production Era;
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A time when a company focuses on production of a few specific products-perhaps because few of these products are available in the market.
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Production Orientation;
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Making whatever products are easy to produce and then trying to sell them.
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Product-Market;
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A market with very similar needs-and sellers offering various close substitute ways of satisfying those needs.
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Publicity;
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Any unpaid form of nonpersonal presentation of ideas, goods, or services.
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Pure Subsistence Economy;
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Each family unit produces everything it consumes.
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Qualifying Dimensions;
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The dimensions that are relevant to including a customer type in a product-market.
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Risk Taking;
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Bearing the uncertainties that are part of the marketing process.
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S.W.O.T. Analysis;
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Identifies and lists the firm’s strengths and weaknesses and its opportunities and threats.
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Sales Era;
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A time when a company emphasizes selling because of increased competition.
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Sales Promotion;
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Those promotion activities-other than advertising, publicity, and personal selling-that stimulate interest, trial, or purchase by final customers or others in the channel.
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Segmenters;
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Aim at one or more homogeneous segments and try to develop a different marketing mix for each segment.
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Segmenting;
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An aggregating process that clusters people with similar needs into a market segment.
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Selling Function;
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Promoting the product.
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Simple Trade Era;
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A time when families traded or sold their surplus output to local middlemen who resold these goods to other consumers or distant middlemen.
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Single Target Market Approach;
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Segmenting the market and picking one of the homogeneous segments as the firm’s target market.
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Social Responsibility;
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A firm’s obligation to improve its positive effects on society and reduce its negative effects.
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Standardization and Grading;
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Sorting products according to size and quality.
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Storing Function;
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Holding goods until customers need them.
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Strategic (Management) Planning;
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The managerial process of developing and maintaining a match between an organization’s resources and its market opportunities.
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Strategic Business Unit (SBU);
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An organizational unit (within a larger company) that focuses its effort on some product-markets and is treated as a separate profit center.
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Target Market;
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A fairly homogeneous (similar) group of customers to whom a company wishes to appeal.
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Target Marketing;
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A marketing mix is tailored to fit some specific target customers.
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Technology;
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The application of science to convert an economy’s resources to output.
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Transporting Function;
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The movement of goods from one place to another.
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Universal Functions of Marketing;
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Buying, selling, transporting, storing, standardizing and grading, financing, risk taking, and market information.
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Form Utility;
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Provided when someone produces someone tangible.
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Utility (Customer Satisfaction);
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Value that comes from satisfying human needs.
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Task Utility;
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Provided when someone performs a service.
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Time Utility;
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Value added to a product when it is made available when the customer wants to buy it. Example; ATMs, 24-hour stores, 1-hour photo
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Marketing Mix;
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Four P’s
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Product;
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Concerned with developing the right “product for the target market.
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Place/Distribution;
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Concerned with all the decisions involved in getting the “right” product to the target market’s Place.
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Market;
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A group of potential customers with similar needs who are willing (and able) to purchase a product to satisfy those needs.
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Attractive Opportunities;
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Effective marketing strategy planning matches opportunities to the firm’s resources (what it can do) and its objectives (what top management wants to do).
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Sustainable Competitive Advantage;
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No other firm can copy what is done in the long run.
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Marketing Penetration;
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Trying to increase sales of a firm’s present products in its present markets.
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Three Groups of Consumers;
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Current Users- get them to buy more.
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Market Development;
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Trying to increase sales by selling present products in new markets. Geographic expansion, new uses.
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Dimensions Used to Segment;
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1. All Potential Dimensions
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Consumer Ideal Points;
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Exact combination of attributes wanted by a group of consumers.
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PEST;
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Political, Economic, Social/Cultural, Technological
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