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139 Cards in this Set
- Front
- Back
Marketing
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The process of creating, distributing, promoting and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.
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Strategic Planning
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The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.
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Marketing Concept
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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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Strategic Window
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Temporary periods of optimal fit between the key requirements of a market and a firm’s capabilities.
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Marketing Management
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The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently.
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Environmental Analysis
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The process of assessing and interpreting the information gathered through environmental scanning.
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Marketing Mix
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Four marketing activities-product, pricing, distribution, and promotion-that a firm can control to meet the needs of customers within its target market.
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Environmental Scanning
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The process of collecting information about forces in the marketing environment.
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Competitive Advantage
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The result of a company’s matching a core competency to opportunities in the marketplace.
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Marketing Ethics
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Principles and standards that define acceptable marketing conduct as determined by various stakeholders.
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Core Competencies
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Things a firm does extremely well, which sometimes give it an advantage over its competition.
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Social Responsibility
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An organization’s obligation to maximize its positive impact and minimize its negative impact on society.
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Market Opportunity
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A combination of circumstances and timing that permits an organization to take action to reach a target market.
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Electronic Commerce
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Business exchanges conducted over the internet using telecommunications tools such as web pages, email, and instant/text messaging.
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Marketing Strategy
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A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market.
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Electronic Marketing
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The strategic process of creating, distributing, promoting, and pricing products for targeted customers in the virtual environment of the internet.
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Mission Statement
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A long term view of what the organization wants to become.
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International Marketing
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Developing and performing marketing activities across national boundaries.
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Customers
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The purchasers of organizations’ products; the focal point of all marketing activities.
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Sales Forecast
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The amount of a product a company expects to sell during a specified period at a specified level of marketing activities.
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Exchange
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The provision of transfer of goods, services, or ideas in return for something of value.
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Segmentation Variables
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Characteristics of individuals, groups, or organizations used to divide a market into segments.
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Relationship Marketing
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Establishing long-term, mutually satisfying buyer-seller relationships.
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Target Market
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A specific group of customers on whom an organization focuses its marketing efforts.
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Attitudes
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An individual’s enduring evaluation of feelings about, and behavioral tendencies toward an object or idea.
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Value
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A customer’s subjective assessment of benefits relative to costs in determining the worth of a product.
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Buying Behavior
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The decision processes and acts of people involved in buying and using products.
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Customer Relationship Management
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Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
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Consumer Market
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Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits.
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Cultural Relativism
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The concept that morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong by particular cultures.
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Globalization
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The development of marketing strategies that treat the entire world as a single entity.
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Learning
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Changes in an individual’s thought processes and behavior caused by information and experience.
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Marketing Information Systems
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A framework for the management and structuring of information gathered regularly from sources inside and outside on organization.
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Motives
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An internal energizing force that directs a person’s behavior toward satisfying needs or achieving goals.
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Marketing Research
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The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.
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Perception
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The process of selecting, organizing, and interpreting information inputs to produce meaning.
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Social Influences
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The forces other people exert on one’s buying behavior.
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Business-to-Business Buying Behavior
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The decision processes and acts of people involved in buying and using products.
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Market
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A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.
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Business-to-Business Markets
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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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Globalization
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The development of marketing strategies that treat the entire world as a single entity.
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Learning
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Changes in an individual’s thought processes and behavior caused by information and experience.
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Marketing Information Systems
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A framework for the management and structuring of information gathered regularly from sources inside and outside on organization.
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Motives
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An internal energizing force that directs a person’s behavior toward satisfying needs or achieving goals.
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Marketing Research
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The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.
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Perception
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The process of selecting, organizing, and interpreting information inputs to produce meaning.
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Social Influences
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The forces other people exert on one’s buying behavior.
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Business-to-Business Buying Behavior
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The decision processes and acts of people involved in buying and using products.
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Market
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A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.
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Business-to-Business Markets
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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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Market Segmentation
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The 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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Buying Center
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The people within an organization, including users, influencers, buyers, deciders, and gatekeepers, who make business purchase decisions.
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Convenience Products
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Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort.
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Product Mix
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The total group of products that an organization makes available to customers.
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BrandBrand
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A name, term, design, symbol, or any other feature that identifies one marketer’s product as a distinct from those of other marketers.
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Product Mix Depth
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The average number of different product items offered in each product.
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Brand Equity
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The marketing and financial value associated with a brand’s strength in a market.
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Product Mix Width
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The number of product lines a company offers.
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Brand Loyalty
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A customers favorable attitude
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Shopping Products
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Items for which buyers are willing to expend considerable effort in planning and making purchases.
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Brand Preference
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The degree of brand loyalty in which a customer prefers one brand over competitive offerings.
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Specialty Products
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Items with unique characteristics that buyers are willing to expend considerable effort to obtain.
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Brand Recognition
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A customers awareness that the brand exists and is an alternative purchase.
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Trademark
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A legal designation of exclusive use of a brand.
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Family Branding
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Branding all of a firm’s products with the same name.
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Unsought Products
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Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think about buying.
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Individual Branding
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A policy of naming each product differently.
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Product Differentiation
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Cheating and designing products so that customers perceive them as different from competing products.
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Product Line Extension
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Development of a product that is closely related to existing products in the line but meets different customer needs.
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Product
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A good, a service, or an idea.
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Product Modification
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Change in one or more characteristics of a product.
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Product Life Cycle
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The progression of a product through four stages: introduction, growth, maturity, and decline.
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Product Positioning
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Creating and maintaining a certain concept of a product in customers minds.
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Product Line
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A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations.
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Service
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An intangible result of the application of human and mechanical efforts to people or objects.
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Breakeven Point
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The point at which the costs of producing a product equal the revenue made from selling the product.
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Differential Pricing
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Charging different prices to different buyers for the same quality and quantity of product.
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Demand Curve
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A graph of the quantity of products expected to be sold at various prices if other factors remain constant.
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Penetration Pricing
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Setting prices below those of competing brands to penetrate a market and gain a significant market share quickly.
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External Reference Price
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A comparison price provided by others.
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Price Skimming
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Charging the highest possible price that buyer’s who most desire the product will pay.
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Internal Reference Price
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A price developed in the buyer’s mind through experience with the product.
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Pricing Objective
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Goals that describe what a firm wants to achieve through pricing.
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Price
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Value exchanged for products in a marketing transaction.
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Product-Line Pricing
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Establishing and adjusting prices of multiple products within a product line.
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Price Elasticity
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A measure of the sensitivity of demand to changes in price.
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Distribution
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The decisions and activities that make products available to customers when and where they want to purchase them.
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Atmospherics (Retail)
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The physical elements in a store’s design that appeal to consumers’ emotions and encourage buying.
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Exclusive Distribution
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Using a single outlet in a fairly large geographic area to distribute a product.
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Category Killers
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A very large specialty store concentrating on a major product category and competing on the basis of low prices and product availability.
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Intensive Distribution
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Using all available outlets to distribute a product.
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Category Management
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A retail strategy of managing groups of similar, often substitutable products produced by different manufacturers.
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Marketing Channel
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A group of individuals and organizations directing the flow of products from producers to customers.
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Direct Marketing
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The use of telecommunications and non-personal media to introduce products to consumers, who then can purchase them via mail, telephone, or the Internet.
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Marketing Intermediary
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A middleman linking producers to other middlemen or ultimate consumers through contractual arrangements or through the purchase and resale of products.
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Direct Selling
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The marketing of products to ultimate consumers through face-to-face sales presentations at home or in the workplace.
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Selective Distribution
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Using only some available outlets to distribute a product.
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General Merchandise Retailers
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A retail establishment that offers a variety of product lines that are stocked in considerable depth.
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Supply Chain Management
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Long-term partnerships among marketing-channel members that reduce inefficiencies, costs, and redundancies and develop innovative approaches to satisfy customers.
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Retail Positioning
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Identifying an underserved or underserved market segment and serving it through a strategy that distinguishes the retailer from others in the minds of consumers in that segment.
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Transportation
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The movement of products from where they are made to intermediaries and end users.
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Retailers
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An organization that purchases products for the purpose of reselling them to ultimate consumers.
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Utility – Place
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Created by making products available when the locations where customers wish to purchase them.
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Retailing
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All transactions in which the buyer intends to consume the product through personal, family, or household use.
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Utility – Possession
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The customer has access to the product to use or to store for future use.
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Scrambled Merchandising
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The addition of unrelated products and product lines to an existing product mix, particularly fast-moving items that can be sold in volume.
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Utility – Time
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Having products available when the customer wants them.
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Specialty Retailers
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Stores that carry a narrow product mix with deep product lines.
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Warehousing
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The design and operation of facilities for storing and moving goods.
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Wholesaling
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Transactions in which products are bought for resale, for making other products, or for general business operations.
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Channel Capacity (in promotions)
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The limit on the volume of information a communication channel can handle effectively.
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Publicity
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A news story type of communication transmitted through a mass medium at no charge.
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Integrated Marketing Communications
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Coordination of promotional efforts for maximum informational and persuasive impact.
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Contests
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A promotion method used to motivate distributors, retailers, and sales personnel through recognition of outstanding achievements.
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Primary demand
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Demand for a product category rather than for a specific brand.
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Cooperative Advertising
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An arrangement in which a manufacturer agrees to pay a certain amount of a retailer’s media costs for advertising the manufacturer’s products
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Promotion
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Communication to build and maintain relationships by informing and persuading one or more audiences.
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Coupons
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Written price reductions used to encourage consumers to buy a specific product.
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Promotion Mix
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A combination of promotional methods used to promote a specific product.
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Dealer Listings
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An advertisement that promotes a product and identifies the names of participating retailers that sell the product.
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Pull Policy
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Promoting a product directly to consumers to develop strong consumer demand that pulls products through the marketing channel.
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Demonstrations
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A sales promotion method manufacturers use temporarily to encourage trial use and purchase of a product or to show how a product works.
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Push Policy
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Promoting a product only to the next institution down the marketing channel.
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Personal (Professional) Selling
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Paid personal communication that informs customers and persuades them to buy products.
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Selective Demand (in promotions)
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Demand for a specific brand.
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Point-of-Purchase Displays
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Signs, window displays, display racks, and similar means used to attract customers.
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Word-of-Mouth Communications
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Personal informal exchanges of communication that customers share with one another about products, brands, and companies.
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Premiums
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Items offered free or at a minimal cost as a bonus for purchasing a product.
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Advertising
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Paid non-personal communication about an organization and its products transmitted to a target audience through mass media.
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Prospecting (in selling)
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Developing a list of potential customers.
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Advertising Appropriation
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Advertising budget for a specified period.
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Rebates
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A sales promotion technique whereby a customer is sent a specific amount of money for purchasing a single product.
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Advertising Campaign
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Designing a series of advertisements and placing them in various advertising media to reach a particular target audience.
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Sales Promotions
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An activity and/or material meant to induce resellers or salespeople to sell a product or consumers to buy it.
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Advertising Platform
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Basic issues or selling points to be included in the advertising campaign.
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Samples
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A limited number of units chosen to represent the characteristics of the population.
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Media Plan
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Specifies media vehicles and schedule for running the advertisements.
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Sweepstakes
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A sales promotion in which entrants submit their names for inclusion in a drawing for prizes.
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Public Relations
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Communication efforts used to create and maintain favorable relations between an organization and its stakeholders.
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