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MAR 301: FINAL EXAM
Marketing |
the activity of set institutions and and processes for creating, communicating, delivering, and exchanging offers that have value to customers, clients, partners and society at large.
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Marketing Concept |
The idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives.
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Exchange |
people giving up something in order to receive something they would rather have
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Customer Value |
the relationship between benefits and the sacrifice necessary to obtain those benefits
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Relationship Marketing |
a strategy that focuses on keeping and improving relationships with current customers
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Strategic Planning |
The managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.
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Marketing Plan |
A written document that acts as a guidebook of marketing activities for the marketing manager
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SWOT Analysis |
identifying internal strengths (s) and weaknesses (w) as well as examining external opportunities (o) and threats (t)
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Competitive Advantage |
A set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition
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Marketing Mix |
A unique blend of product place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market
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Ethics |
the moral principles or values that generally govern the conduct of an individual or a group
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Morals |
the rules people develop as a result of cultural values and norms
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Code of Ethics |
a guideline to help marketing managers and other employees make better decisions
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Corporal Social Responsibility (CSR) |
business ethics that seek to generate profits for the corporation while avoiding harm to people and the environment.
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Sustainability |
the idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the sane time
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Target Market |
group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences
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Environmental Management |
when a company implements strategies that attempt to shape the eternal environment within which it operates
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Component Lifestyles |
The practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle.
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The 6 Environmental Factors |
Social, demographic, economic, technological, political and legal, competitive
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Purchasing Power |
a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas
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Global Marketing |
Marketing that targets markets throughout the world.
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Multinational Corperation |
a company that is heavily engaged in international trade, beyond exporting and importing
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World Trade Organization (WTO) |
The legal and institutional foundation of the multilateral trading system that succeeded GATT in 1995
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Countertrade |
a form of trade in which all or part of the payment for goods or services is in the form of other goods or services
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Exporting |
selling domestically produced products to customers in foreign countries
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Buyer for Export |
intermediary in global market that assumes all ownership risks and sells globally for its own account
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Export Broker |
intermediary who plays traditional broker's role by bringing buyer and seller together
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Export Agent |
an intermediary who acts like a manufacturer's agent for the exporter.
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Licensing |
the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge
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Consumer Behavior |
The process of an individual or group selecting, purchasing, using, or disposing of products, services, ideas, or experiences to satisfy needs and desires.
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Consumer Decision-making Process |
A five-step process used by consumers when buying goods or services:
1. Need Recognition
2. Information Search
3. Evaluation of Alternatives
4. Purchase
5. Postpurchase Behavior
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Evoked Set (Consideration Set) |
A group of brands, resulting from an information search, from which a buyer can choose.
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Reference Group |
a group in society that influences an individual's purchasing behavior
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Involvement |
Amount of time and effort a buyer invests in the search, evaluation and decision processes of consumer behavior. Factors determining involvement level - previous experience, perceived risk of negative consequences, social visibility.
High involvement => extensive and informative
Low involvement => package design, in-store display, coupons
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Routine Response Behavior |
The type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time.
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Limited Decision Making |
requires a moderate amount of time for gather information and deliberating about an unfamiliar brand in a familiar product category
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Extensive Decision Making |
Most complex type of decision making; used when buying an unfamiliar, expensive product or an infrequent bought item; requires several criteria, much time and information
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Business Marketing (Industrial Marketing) |
the marketing of goods and services to individuals and organizations for purposes other personal consumption
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Strategic Alliance (Strategic Partnership) |
a cooperative agreement between business firms
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Relationship Commitment |
a firm's belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely
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Derived Demand |
the demand for business products
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Buying Center |
all those people in an organization who become involved in the purchase decision
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Market Segment |
a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
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Market Segmentation |
the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
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Segmentation Bases (Variables) |
Characteristics of individuals or groups or organizations
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Positioning |
developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general
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Product Differentiation |
a positioning strategy that some firms use to distinguish their products from those of competitors
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Decision Support System (DSS) |
an interactive, flexible, computerized information system that enables managers to obtain and manipulate information as they are making decisions
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Marketing Research |
the process of planning, collecting, and analyzing data relevant to a marketing decision
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Competitive Intelligence (CI) |
an intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors
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Survey Research |
the most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes
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Experiment |
a method of gathering primary data in which the researcher alters one or more variables while observing the effects of those alterations on another variable
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Product |
everything, both favorable and unfavorable, that a person receives in an exchange
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Product Item |
specific version of a product that can be designated as a distinct offering among an organization's products. (Campbells Cream of Chicken Soup)
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Product Line |
A group of closely related product items
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Product Mix |
all the products that an organization sells
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Product Mix Width |
the number of product lines an organization offers
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Product Line Depth |
the number of product items in a product line
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Brand |
a name, term, symbol, design or combination thereof that identifies a seller's products and differentiates them from competitor's products
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Brand Name |
the part of a brand that can be spoken, including letters, words, and numbers
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Brand Mark |
the elements of a brand that cannot be spoken
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Brand Equity |
the value of company and brand names
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Brand Loyalty |
consistent preference for one brand over all others
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Private Brand |
a brand name owned by a wholesaler or a retailer
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Manufacturer's Brand |
the brand name of a manufacturer
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Captive Brand
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A brand manufactured by a third party for an exclusive retailer, without evidence of that retailers affiliation
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New Product |
a product new to the world, the market, the producer, the seller, or some combination of these
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Product Development |
A marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products
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Brainstorming |
the process of getting a group to think of unlimited ways to vary a product or solve a problem
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Screening |
the first filter in the product development process, which eliminates ideas that are inconsistent with the organization's new product strategy or are obviously inappropriate for some other reason
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Concept Test |
a test to evaluate a new product idea, usually before any prototype has been created
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Diffusion |
the process by which the adoption of an innovation spreads
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Commercialization |
the decision to market a product
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Product Life Cycle |
concept that provides a way to trace the stages of a product's acceptance, from its introduction (birth) to its decline (death)
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Service |
the result of applying human or mechanical efforts to people or objects. Services have four unique characteristics that distinguish them from goods.
1. Intangible - cannot be touched
2. Inseparable - consumers are involved in the service they buy.
3. Heterogeneous - Vary from service to service.
4. Perishable - services cannot be stored.
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Gap Model |
a model identifying five gaps that can cause problems in service delivery and influence customer evaluations of service quality
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Mass Communication |
a strategy that uses technology to deliver customized services on a mass basis
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Internal Marketing |
treating employees as customers and developing systems and benefits that satisfy their needs
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Nonprofit Organization Marketing |
the effort by nonprofit organizations to bring about mutually satisfying exchanges with target markets
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Marketing Channel (channel of distribution) |
a set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer
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Retailer |
a channel intermediary that sells mainly to consumers
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Merchant Wholesaler |
an institution that buys goods from manufacturers and resells them to businesses, government agencies, and other wholesalers or retailers and that receives and takes title to goods, stores them in its own warehouses, and later ships them
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Logistics |
the efficient and cost-effective forward and reverse flow and storage of goods, services, and related information into, through, and out of channel member companies
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Channel Power |
the capacity of a particular marketing channel member to control or influence the behavior of other channel members
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Channel Control |
a situation that occurs when one marketing channel member intentionally affects another member's behavior
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Channel Leader (Channel Captain) |
A member of a marketing channel that exercises authority and power over the activities of other channel members
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Channel Conflict |
a clash of goals and methods between distribution channel members.
Horizontal Conflict - among channel members on the same level
Vertical Conflict - among different levels in the marketing channel, typically between the manufacturer and wholesaler or between the manufacturer and retailer
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Supply Chain |
the connected chain of all of the other business entities, both internal and external to the company, that perform or support the logistics function
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Supply Chain Management |
a management system that coordinates and integrates all of the activities performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value
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Business Processes |
bundles of interconnected activities that stretch across firms in the supply chain
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Just-In-Time Production (JIT) |
a process that redefines and simplifies manufacturing by reducing inventory levels and delivering raw materials at the precise time they are needed on the production line
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Mass Customization (Build-to-order) |
a production method whereby products are not made until an order is placed by the customer; products are made according to customer specifications
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Retailing |
all the activities directly related to the sale of goods and services to the ultimate consumer for personal, non-business use
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Gross Margin |
the amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted
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Buyer |
a department head who selects the merchandise for his or her department and may also be responsible for promotion and personnel
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Mass Merchandising |
a retailing strategy using moderate to low prices on large quantities of merchandise and lower levels of service to stimulate high turnover of products
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Direct Marketing (Direct Response Marketing) |
techniques used to get consumers to make a purchase from their home, office, or other nonretail setting
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Retailing Mix |
a combination of the six Ps- product, place, promotion, price, presentation, and personnel- to sell goods and services to the ultimate consumer
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Promotion |
communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response.
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Competitive Advantage |
one or more unique aspects of an organization that cause target consumers to patronize that firm rather than competitors
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Promotional Mix |
the combination of promotional tools- including advertising, public relations, personal selling, sales promotion, and social media- used to reach the target market and fulfill the organization's overall goals
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AIDA Concept |
a model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message
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Integrated Marketing Communications (IMC) |
the careful coordination of all promotional messages for a product or a service to ensure the consistency of messages at every contact point at which a company meets the consumer
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Promotional Strategy |
a plan for the optimal use of elements of promotion: advertising, public relations, personal selling, sales promotion, and social media
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Publicity |
public information about a company, product, service, or issue appearing in the mass media as a news item
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Public Relations |
the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance
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Sales Promotion |
marketing activities-other than personal selling, advertising, and public relations-that stimulate consumer buying and dealer effectiveness
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Advertising Objective |
a specific communication task that a campaign should accomplish for a specified target audience during a specified period
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Unique Selling Proposition |
a desirable, exclusive, and believable advertising appeal selected as the theme for a campaign
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Medium |
the channel used to convey a message to a target market
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Media Planning |
the series of decisions advertisers make regarding the selection and use of media, allowing the marketer to optimally and cost-effectively communicate the message to the target audience
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Media Mix |
the combination of the media to be used for a promotional campaign
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Cost per Contact |
the cost of reaching one member of the target market
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Reach |
the number of target consumers exposed to a commercial at least once during a specific period, usually four weeks
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Advertising Campaign |
a series of related advertisements focusing on a common theme, slogan, and set of advertising appeals
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Product Placement |
a public relations strategy that involves getting a product, service, or company name to appear in a movie, television show, radio program, magazine, newspaper, video game, video or audio clip, book, or commercial for another product; on the Internet; or at special events
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Cause-Related Marketing |
Marketing partnerships between businesses and nonprofit organizations, designed to spike sales for the company and raise money for the nonprofit
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Crisis Management |
a coordinated effort to handle all the effects of unfavorable publicity or another unexpected unfavorable event
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Trade Allowance |
a price reduction offered by manufacturers to intermediaries, such as wholesalers and retailers
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Push Money |
money offered to channel intermediaries to encourage them to "push" products- that is, to encourage other members of the channel to sell the products
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Relationship Selling |
A sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships
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Sales Process (sales cycle) |
The set of steps a salesperson goes through in a particular organization to sell a particular product or service
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Lead Generation (Prospecting) |
identification of those firms and people most likely to buy the seller's offerings
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Cold Calling |
a form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects' needs or financial status
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Lead Qualification |
Determination of a sales prospects (1) recognized need, (2) buying power, and (3) receptivity and accessibility
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Needs Assessment |
a determination of the customer's specific needs and wants and the range of options the customer has for satisfying them
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Sales Proposal |
a formal written document of professional presentation that outlines how the salesperson's product or service will meet or exceed the prospect's needs
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Sales Presentation |
a formal meeting in which the salesperson presents a sales proposal to a prospective buyer
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Follow-up |
the final step of the selling process, in which the salesperson ensures delivery schedules are met, goods or services perform as promised, and the buyers' employees are properly trained to use the products
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Price |
that which is given up in an exchange to acquire a good or service
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Profit |
Revenue minus expenses
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Return on Investment (ROI) |
net profit after taxes divided by total assets
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Market Share |
a company's product sales as a percentage of total sales for that industry
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Demand |
the quantity of a product that will be sold in the market at various prices for a specified period
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Supply |
the quantity of a product that will be offered to the market by a supplier at various prices for a specified period
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Elastic Demand |
a situation in which consumer demand is sensitive to changes in price
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Inelastic Demand |
a situation in which an increase or a decrease in price will not significantly affect demand for the product
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Variable Cost |
a cost that varies with changes in the level of output
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Fixed Cost |
a cost that does not change as output is increased or decreased
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Marginal Cost |
the change in total costs associated with a one-unit change in output
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Profit Maximization |
a method of setting prices that occurs when marginal revenue equals marginal cost
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Marginal Revenue |
the extra revenue associated with selling an extra unit of output or the change in total revenue with a one-unit change in output
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Break-Even Analysis |
a method of determining what sales volume must be reached before total revenue equals total costs
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Price Strategy |
a basic, long-term pricing framework that establishes the initial price for a product and the intended direction for place movements over the product life cycle
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Penetrating Pricing |
a pricing policy whereby a firm charges a relatively low price for a product initially as a way to reach the mass market
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Status Quo Pricing |
changing a price identical to or very close to the competition's price
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Price Fixing |
an agreement between two or more firms on the price they will charge for a product
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Predatory Pricing |
the practice of charging a very low price for a product with the intent of driving competitors out of business or out of a market
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Promotional Allowance (trade allowance) |
a payment to a dealer for promoting the manufacturer's products
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Value Based Pricing |
setting the price at a level that seems to the customer to be a good price compared to the prices of other options
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Base Price |
the general price level at which the company expects to sell the good or service
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Flexible Pricing |
a price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities
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Leader Pricing (loss-leader Pricing) |
a price tactic in which a product is sold near or even below cost in the hope that shoppers will buy other items once they are in the store
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Bait Pricing |
a price tactic that tries to get consumers into a store through false or misleading price advertising and then uses high pressure selling to persuade consumers to buy more expensive merchandise
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Price Building |
marketing two or more products in a single package for a special price
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Consumer Penalty |
an extra fee paid by the consumer for violating the terms of the purchase agreement
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Joint Costs |
costs that are shared in the manufacturing and marketing of several products in a product line
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Customer Relationship Management (CRM) |
a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups
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Customer-Centric |
a philosophy under which the company customizes its product and service offering based on data generated through interactions between the customer and the company
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Learning |
an informal process of collecting customer data through customer comments and feedback on product or service performance
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Knowledge Management |
the process by which learned information from customers is centralized and shared in order to enhance the relationship between customers and organization
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Empowerment |
delegation of authority to solve customers' problems quickly- usually by the first person the customer notifies regarding the problem
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Interaction |
the point at which a customer and a company representative exchange information and develop learning relationships
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Touch Points |
all possible areas of a business where customers communicate with that business
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Point-of-sale Interaction |
communications between customers and organizations that occur at the point of sale, normally in a store
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Data Warehouse |
a central repository for data from various functional areas of the organization that are stored and inventoried on a centralized computer system so that the information can be shared across all functional departments of the business
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Database |
a collection of data, especially one that can be accessed and manipulated by computer software
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Response List |
a customer list that includes the names and addresses of individuals who have responded to an offer of some kind, such as by mail, telephone, direct response tv, product rebates contests or sweepstakes, or billing inserts
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Compiled List |
a customer list developed by gathering names and addresses from telephone directories and membership rosters, usually enhanced with info from public records, such as census data, auto registrations, birth announcements, business start-ups, or bankruptcies
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Lifetime Value Analysis (LTV) |
a data manipulation technique that projects the future value of the customer over a period of years using the assumption that marketing to repeat customers is more profitabel than marketing to first-time buyers
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Campaign Management |
developing product or service offerings customized for the appropriate customer segment and then pricing and communicating these offerings for the purpose of enhancing customer relationships
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Social Commerce |
a subset of e-commerce that involves the interaction and user contribution aspects of social online media to assist online buying and selling products and services
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Crowdsourcing |
using consumers to develop and market products
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Corporate Blogs |
blogs that are sponsored by a company or one of its brands and maintained by one or more of the company's employees
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Social Media |
Any tool or service that uses the internet to facilitate conversations
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Social media and integrated marketing communications allows consumers to: |
1. connect with each other
2. share opinions
3. collaborate on new ideas according to interests
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Microblogs |
blogs with strict post length limits
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Marketing goals for social networking sites: |
-increase awareness
-targeting audiences
-promoting products
-forging relationships
-highlighting expertise and leadership
-attracting event participants
-performing research
-generating new business
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Review Sites |
allow consumers to post, read, rate, and comment on opinions regarding all kinds of products and services
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Location Based Social Networking Sites |
Web sites that combine the fun of social networking with the utility of location-based GPS technology (Foursquare)
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Social News Sites |
web sites that allow users to decide which content is promoted on a given web site by voting that content up or down
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Media Sharing Sites |
web sites that allow users to upload and distribute multimedia content like videos and photos
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