Marketing
description
Transcript of Marketing
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Intro Marketing Planning
Cons. Behav
Global Mktg
Ethics & Environ
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The activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large.
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Marketing
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When two or more parties give something of value to
each other to satisfy felt needs, this is called a marketing ________.
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Exchange
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The marketing mix is the combination of the following
4 strategies…
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ProductPrice
DistributionPromotion
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The group of people toward whom the firm decides to direct its marketing efforts
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Target Market
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This orientation is based on the ideas that people will buy
more goods and services if aggressive sales result in high
profits.
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Sales orientation
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This is a system of traditions, values, and beliefs that is
handed down from generation to generation and
is slow to change
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Culture
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Customer’s evaluation of a good or service in terms of
whether it has met their needs and expectations.
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Customer satisfaction
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An intermediary who plays the traditional broker’s role by bringing buyer and seller
together
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Export broker
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Licensing, franchising, contract manufacturing, joint venture and direct investment
are
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Global market place entry strategies
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This strategy allows a marketer to change a
promotional message or product feature based on the
needs of the local market, and their tastes and
preferences
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Adaptation
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The five environments that face any marketer, over which he/she has little
control are…
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EconomicCompetitive
Political/LegalSocial/CulturalTechnological
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Name and/or describe one form of competition
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DirectIndirect
Universal – for all consumer’s disposable
income
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Because not all issues are black and white, this area of
business is highly controversial and requires a
strong set of morals and values for decision-making.
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Ethics
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Once a company has met legal and economic
requirements, they should next practice this by giving
back to the community.
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Social Responsibility
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This ethical issue involves advertisers promoting a
product for sale that has a limited quantity or none in-stock, in an attempt to get
you to buy other (more expensive) things while
shopping.
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Bait and Switch Advertising
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A group in society that influences an individual’s
purchasing behavior.
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Reference Group
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An individual who influences
the opinion of others.
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Opinion Leader
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The first step in the consumer decision-making process
is….
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Need recognition
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Inner tension that a consumer experiences after recognizing
an inconsistency between behavior and values or
opinions.
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Cognitive Dissonance
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The way consumers make decisions is based on…
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Personal and Interpersonal Factors
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The marketing of goods and services to individuals and organizations for purposes
other than personal consumption.
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Business Marketing
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Demand for business products results from demand
for consumer products.
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Derived Demand
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Name and describe one type of business product.
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Major EquipmentAccessory Equipment
Raw MaterialsComponent Parts
Processed Materials Supplies
Business Services
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All those persons in an organization who become involved in the purchase
decision.
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Buying Center
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The three main criteria that businesses use to evaluate
products are…
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Quality, Service & Price
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The managerial process of creating and maintaining a fit
between the organization’s objectives and resources and evolving market oportunities
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Strategic planning
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Name at least three components of a Marketing
Plan
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Business Mission StatementObjectives
SWOTTarget Market Strategy
Marketing MixImplementation/Evaluation/
Control
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When a firm produces numerous products and promotes them with a
different marketing mix, they are practicing…
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Differentiated Marketing
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Being the low cost competitor in an industry
while maintaining satisfactory profit margin is
called having…
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A cost competitive advantage
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A market strategy that entails attracting new customers to
existing products
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Market development