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32 Cards in this Set
- Front
- Back
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What is market development
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means trying to increase
sales by selling present products in new markets. |
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What is product development
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means offering new or improved products for present markets.
By knowing the present market’s needs, a firm may see new ways to satisfy customers. |
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What is diversification
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means moving into totally different lines of business
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What is market penetration
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means trying to increase sales of a firm’s present products in
its present market |
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What is differentiation
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means that
the marketing mix is distinct from and better than what is available from a competitor. |
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What is a breakthrough opportunity
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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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What is a marketing program
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various strategies fit together as part of an overall marketing
program. |
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marketing plan
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a written statement of a marketing strategy and the time related details for carrying out the strategy
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What is personal selling
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one on one buyer and seller communication
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What is advertising
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Paid form
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What is a distribution channel
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flow of products from producer to consumer
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What is the marketing mix
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provide some group
of potential customers with superior value. |
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What is a product
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Something produced by human or mechanical effort or by a natural process.
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Know the three basic task of managers
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Pic planning,implementation and control
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What is marketing strategy planning
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decisions about the
specific customers the firm will target and the marketing mix the firm will develop to appeal to that target market. |
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customer value
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benefit exceeds cost
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What is the marketing concept
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aim all efforts to satisfy to satisfy customer
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Know about the 5 business eras
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simple trade, production, sales, department and company era
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know about marketing ethics
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moral decisions and actions
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Know about market-directed economic systems
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dollar votes. consumer makes the call
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Know about planned economic systems
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government makes the decisions
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What is an intermediary
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middleman. exchange process
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Know about firms that provide marketing functions other than buying and selling
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facilitators
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Know about standardization and grading
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sorting products by size and quality
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Know about separation of time, values, information and special
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not knowing about each other
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Know the universal functions of marketing
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performed in all macro systems
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What is economies of scale
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consumer wants small quantity manufacture produces large quantity
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Marketing will not happen unless
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trade something for somthing
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What is a pure subsistence economy
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family produces everything it consumes
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Know about economic utility
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time, place and possession
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What do production and marketing contribute
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providing customers with need - satisfying goods
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Know the 5 utilities
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form, task, time, place and possession
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