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78 Cards in this Set
- Front
- Back
marketing
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the process of planning and executing the conception, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives
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marketing concept
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Three part business philosophy: 1) customer orientation 2) a service orientation 3) a profit orientation
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customer relationship management (CRM)
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the process of learning as much as possible about customers and doing everything you can to satisfy them - or even exceed their expectations - with goods and services over time
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marketing mix
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the ingredients that go into a marketing program; product, price, place, and promotion
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product
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any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand
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test marketing
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the process of testing products among potential users
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brand name
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a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors
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promotion
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all the techniques sellers use to motivate people to buy their products or services
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marketing research
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the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions
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secondary data
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information that has already been compiled by others and published in journals and books or made available online
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primary data
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data that you gather yourself (not from secondary sources such as books and magazines)
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focus group
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a small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues
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environmental scanning
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the process of identifying the factors that can affect marketing success
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consumer market
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all the individuals or households that want goods and services for personal consumption or use
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Business to Business (B2B) market
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all the individuals that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others
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market segmentation
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the process of dividing the total market into groups whose members have similar characteristics
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target marketing
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marketing directed towards those groups (market segments) an organization decides it can serve profitably
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geographic segmentation
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dividing the market by geographic area
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demographic segmentation
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dividing the market by age, income, and education level
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psycho-graphic segmentation
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dividing the market using the group's values, attitudes, and interests
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benefit segmentation
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dividing the market by determining which benefits of the product to talk about
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volume, or usage, segmentation
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dividing the market by usage (volume of use)
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niche marketing
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the process of finding small but profitable market segments and designing or finding products for them
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one-to-one marketing
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developing a unique mix of goods and services for each individual customer
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mass marketing
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developing products and promotions to please large groups of people
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relationship marketing
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marketing strategy with goal of keeping individual customers over time by offering them products that exactly meet their requirements
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value
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good quality at a fair price. when consumers calculate the value of a product, they look at the benefits and then subtract the costs to see if the benefits exceed the costs
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total product offer
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everything that consumers evaluate when deciding whether to buy something; also called a value package
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product line
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a group of products that are physically similar or are intended for a similar market
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product mix
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the combination of product lines offered by a manufacturer
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product differentation
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the creation of real or perceived product differences
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convenience goods and services
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products that the consumer wants to purchase frequently and with a minimum of effort
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shopping goods and services
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those products that the consumer buys only after comparing value, quality, and style from a variety of sellers
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specialty goods and services
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consumer products with unique characteristics and brand identity. because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them
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unsought goods and services
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products that consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem.
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industrial goods
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products used in the production of other products. sometimes called business goods or B2B goods
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brand
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a name, symbol, or design (or combination thereof) that identifies the goods and services of one seller or group of sellers and distinguishes them from the goods and services of competitors
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trademark
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a brand that has been given exclusive legal protection for both the brand name and the pictorial design
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manufacturer's brand names
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the brand names of manufacturers that distribute products nationally
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dealer (private - label) brands
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products that don't carry the manufacturer's name but carry a distributor or retailer's name instead
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generic goods
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non-branded products that usually sell at a sizable discount compared to national or private-label brands
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knockoff brands
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Illegal copies of national brand-name goods
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brand equity
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the combination of factors - such as awareness, loyalty, perceived quality, images, and emotions - that people associate with a given brand name
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brand loyalty
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the degree to which customers are satisfied, like the brand, and are committed to further purchase.
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brand awareness
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how quickly or easily a given brand name comes to mind when a product category is mentioned
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product differentation
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the creation of real or perceived product differences
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convenience goods and services
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products that the consumer wants to purchase frequently and with a minimum of effort
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shopping goods and services
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those products that the consumer buys only after comparing value, quality, and style from a variety of sellers
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specialty goods and services
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consumer products with unique characteristics and brand identity. because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them
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unsought goods and services
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products that consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem.
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industrial goods
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products used in the production of other products. sometimes called business goods or B2B goods
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brand
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a name, symbol, or design (or combination thereof) that identifies the goods and services of one seller or group of sellers and distinguishes them from the goods and services of competitors
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trademark
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a brand that has been given exclusive legal protection for both the brand name and the pictorial design
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manufacturer's brand names
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the brand names of manufacturers that distribute products nationally
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dealer (private - label) brands
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products that don't carry the manufacturer's name but carry a distributor or retailer's name instead
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generic goods
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non-branded products that usually sell at a sizable discount compared to national or private-label brands
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knockoff brands
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Illegal copies of national brand-name goods
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brand equity
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the combination of factors - such as awareness, loyalty, perceived quality, images, and emotions - that people associate with a given brand name
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brand loyalty
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the degree to which customers are satisfied, like the brand, and are committed to further purchase.
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brand awareness
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how quickly or easily a given brand name comes to mind when a product category is mentioned
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brand association
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the linking of a brand to other favorable images
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brand manager
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a manager who has direct responsibility for one brand or one product line; called a product manager in some firms
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product screening
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a process designed to reduce the number of new-product ideas being worked on at any one time
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product analysis
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making cost estimates and sales forecasts to get a feeling for profitability of new-product ideas
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concept testing
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taking a product idea to consumers to test their reactions
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commercialization
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promoting a product to distributors and retailers to get wide distribution, and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers
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product life cycle
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a theoretical model of what happens to sales and profits for a product class over time
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target costing
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designing a product so that it satisfies customers and meets the profit margins desired by the firm
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competition-based pricing
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a pricing strategy based on what all the other competitors are doing. the price that can be set at, above, or below competitor's prices
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price leadership
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the procedure by which one or more dominant firms set the pricing practices that all competitors in an industry follow
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break-even analysis
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the process used to determine profitability at various levels of sales
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total fixed costs
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all the expenses that remain the same no matter how many products are sold
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variable costs
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costs that change according to the level of production
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skimming price strategy
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strategy in which a new product is prices high to make optimum profit while there's little competition
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everyday low pricing (EDLP)
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setting prices lower than competitors and then not having any special sales
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high-low pricing strategy
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setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than competitors'
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bundling
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grouping two or more products together and pricing them as a unit
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psychological pricing
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pricing goods and services at price points that make the product appear less expensive than it is
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