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42 Cards in this Set
- Front
- Back
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What is consumer satisfaction?
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The feeling that a product has met or exceeded the customer's expectations.
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What is customer value?
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The ratio of benefits to the sacrifice neccessary to obtain those benefits.
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What is empowerment?
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Delegation of authority to solve customers' problems quickly - usually by the first person that the customer notifies regarding a problem
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What is environmental scanning?
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The collection and interpretation of information about forces, events, and relationships that may affect the future of an organization.
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What is evaluation?
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Gauging the extent to which the marketing objectives have been achieved during the specified time period.
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What is exchange?
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The idea that people give up something to recieve something they would rather have.
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What are the four Ps?
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Product decisions, distribution (or place) decisions, promotion decisions, and pricing decisions, which together make up the marketing mix
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What is implementation?
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The process that turns marketing plans into action assignments and ensures that these assignments are executed in a way that accomplishes the plans' objectives.
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What is makret opportunity analysis?
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A description and estimation of the size and sales potential of market segments of interest to a firm and assessment of key competitors in these market segments.
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What is market orientation?
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A philosophy that assumes that a sale does not depend on an agressive sales force but rather on a suctomer's decision to purchase a product.
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What is marketing?
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The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goods.
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What is marketing concept?
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The idea that the social and economic justification for an organization's existence is that satisfaction of customer ewants and needs while meeting organizational objectives.
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What is marketing mix?
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A unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
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What is marketing objective?
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A statement of what is to be accomplished through marketing activities.
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What is marketing strategy?
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A plan that involves selecting one or more target markets, setting marketing objectives, and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.
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What is production orientation?
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A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
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What is relationship marketing?
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A strategy that entails forging long-term partnerships with customers.
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What is sales orientation?
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The idea that people will buy more goods and servies if aggressive sales techniques are used and that high sales result in high profits.
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What is societal marketing orientation?
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The idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests.
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What is teamwork?
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Collaborative efforts of people to accomplish common objectives.
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What is ethics?
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The moral principles or values that generally govern the conduct of an indivdual.
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What is morals?
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The rules people develop as a result of cultural values and norms.
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What is code of ethics?
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A guideline to help marketing managers and other employees make better decisions.
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What is corporate social responsibility?
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Business's concern for society's welfare.
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What is pyramid of corporate social responsibility?
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A model tha suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure.
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What is tarket market?
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A defined group most liekly to buy a firm's product.
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What is environmental management?
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When a company implements strategies that attempt to shape the external environment within which it operates.
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What is poverty of time?
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A lack of time to do anything but work, commute to work, handle family situations, do housework, shop, sleep, and eat.
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What is component lifestyles?
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The practice of choosing goods and servies that meet one's diverse needs adn interests rather than comforming to a single, traditional lifestyle.
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What is demography?
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The study of people's vital statistices, such as their age, race and ethnicity, and location.
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What is Generation Y?
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People born between 1979 and 1994.
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What is Generation X?
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People born between 1965 and 1978.
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What is baby boomers?
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People born between 1946-1964.
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What is Personalized economy?
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Delivering customized goods and servies at a good value on demand.
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What is multiculturalism?
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Whena all major ethnic groups in an area - such as a city, county, or census tract - are roughly equally represented
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What is inflation?
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A general rise in prices without a corresponding increase in wages, which results in decreased purchasing power.
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What is recession?
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A period of economic activity when income, production, and employment tend to fall - all of which reduce demand for goods and servies.
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What is basic research?
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Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon.
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What is applied research?
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An attempt to develop new or improved products.
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What is Consumer Product Safety Commission (CPSC)?
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A federal agency established to protect the health and safety of consumers in and around their homes.
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What is Federal Trade Comission (FTC)?
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A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce.
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What is Food and Drug Administration (FDA)?
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A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products.
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