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52 Cards in this Set
- Front
- Back
marketing
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managing profitable customer relationships
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marketing offer
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some combination of products, services, information, or experiences offered to a market to satisfy a need or want
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marketing myopia
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sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products
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exchange
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act of obtaining a desired object from someone by offering something in return
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transaction
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trade of values between two parties
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market
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the set of actual and potential buyers of a product, they share a need or want that can be satisfied through exchange relationships
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elements of a marketing system
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suppliers, company, competitors, marketing intermediaries, final consumers
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marketing management
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the art and science of choosing target markets and building profitale relationships with them
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value proposition
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the set of benefits/values a company promises to deliver to consumers to satisfy their needs
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production concept
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holds that consumers will favor products that are available and highly affordable
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product concept
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consumers will favor products that offer the most in quality, performance, and innovative features
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selling concept
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consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort
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marketing concept
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achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
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societal marketing
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marketing strategy should deliver value to customers in a way that maintains or improves both the consumer's and the society's well-being
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customer-driven marketing
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understanding customer needs even better than the customers themselves do and creating products and services that will neet existing and latent needs
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the marketing mix
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product, price, placement, promotion; set of controllable marketing tools that the firm blends
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customer relationship management
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the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction, want long term
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customer perceived value
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evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
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customer satisfaction
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dependent on the product's perceived performance relative to a buyer's expectations
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customer lifetime value
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the entire stream of purchases that the customer would make over a lifetime of patronage
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share of customer
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the share a company gets of the customers purchasing in their product categories
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customer equity
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total combined customer lifetime values of all the company's customers
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customer relationship groups
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butterflies, true friends, barnacles, strangers
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strategic planning
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the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities (mission, goals, business portfolio, strategies)
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strategic business unit
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a unit of the company that has a separte mission and objectives and tha tcan be planned independently from other company businesses
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boston consulting group approach
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stars, cash cows, question marks, dogs
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existing product, existing market
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market penetration-make more sales to current customers without changing products (new stores, improve advertising, prices)
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existing product, new market
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market development-identify and develop new markets for current products (demographic, geographic)
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new product, existing market
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product development-offering modified or new products to current markets (add offerings)
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new product, new market
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diversification-start up or buy businesses outside current products and markets
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value chain
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each company department carries out value-creating activities to design, produce, market, deliver, and support the firm's products
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value-delivery network
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consists of the value chain, distributors, suppliers, and customers
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market positioning
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arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
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marketing audit
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comprehensive, systematic, independent, and periodic examinatino of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities
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organization types
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functional, product mgmt, geographic, market/customer, combination
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microenvironment
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actors close to the company that affect its ability to serve its customers
competitors, publics, marketing intermediaries, customers, the company, suppliers |
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publics
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groups that have an interest in or impact on an organization's ability to achieve its objectives (financial, media, govt, citizen-action, local, general, internal)
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macroenvironment
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larger societal forces that affect the microenvironment
demographic, economic, natural, technological, political, cultural |
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marketing information system
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consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers
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marketing research
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the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
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marketing research process
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define the problem and objectives
develop the research plan implement the research plan interpret and report the findings |
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marketing intelligence
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the systematic collection and analysis of publicly available information about competitors and developments in the marketplace
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consumer buyer behavior
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refers to the buying behavior of people who buy goods and services for personal use
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buyer responses
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product choice, brand choice, dealer choice, purchase timing, purchase amount
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cultural factors
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culture, subculture social class
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social factors
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groups, family, roles and status
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personal factors
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age life-cycle stage, lifestyle, occupation, personality, economic situation
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pychological factors
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motivation, learning, perception, beliefs and attitudes
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buyer decision process
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1.need recognition
2. info search 3. evaluation of alternatives 4. purchase decisionj 5. post-purchase behavior |
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buyer decision process for new products (adoption)
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1. awareness
2. interest 3. evaluation 4. trial 5. adoption |
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opinion leaders
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people wihtin a reference group who, because of special skills, knowledge, personality or other characteristics, exert influence on others
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influence of product characteristics on rate of adoption
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relative advantage
compatibility complexity divisibility communicability |