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51 Cards in this Set
- Front
- Back
- 3rd side (hint)
Product orientation
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business philosophy that focuses on the internal capabilities of the firm
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Sales orientation
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business philosophy that focuses on aggressive marketing techniques
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Marketing orientation
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business philosophy that focuses on a customer’s decision to buy a product – synonymous with marketing concept
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Marketing concept
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a business’s existence is based on its ability to satisfy customers’ wants and needs
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Societal marketing orientation
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a business exists not only to satisfy customers’ wants and needs but also to preserve the best interests of society.
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5 areas of difference between sales and market orientations
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focus, business, those to whom the product is directed, primary goal, tools used to achieve goals
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marketers interested in customer value
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offer products that perform, earn trust, avoid unrealistic pricing, give the buyer facts, offer excellent support
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relationship marketing
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business strategy that focuses on building and keeping relationships with current customers
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A Firm’s Focus- Firms use ____________ to speed up the customer service process by allowing more authority to be given to customer service reps
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empowerment
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A Firm’s Business- A sales oriented firm defines its business in terms of _______ and _________. A market-oriented firm defines its business in terms of the ___________ ___ ___________ _____.
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goods and services / benefits its customers seek
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Those To Whom The Product Is Directed- Sales oriented firms target the _________ ________. Market-oriented firms target ____________ ________.
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average customer / specific groups
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Firm’s Primary Goal- Sales-oriented firms seek to achieve __________ through ________ _______. Market-oriented firms seek to profit by creating __________ _________
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profitability, sales volume / customer value
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Segmenting is
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Dividing market based on needs/benefits, demographics, lifestyles, behavioral measures
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Targeting is
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Selecting the most appropriate markets
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Positioning is
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Target marketing messages through 4P’s
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4 Characteristics of a market
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1) People or an organization 2) with needs or wants 3) with the ability 4) and willingness to buy
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Benefit Segmentation
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grouping customers into market segments according to the benefits they seek from the product.
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Usage-Rate Segmentation
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dividing a market by the amount of product bought or consumed
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80/20 Principle
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20% of all customers generate 80% of the demand
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satisficers
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business customers who place an order with the first familiar supplier to satisfy product and delivery requirements
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optimizers
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business customers who consider numerous suppliers carefully before selecting one
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think suppliers...
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undifferentiated targeting strategy
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marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix
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concentrated targeting
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strategy used to select one segment of a market for targeting marketing efforts
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cannibalization
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when sales of a new product cut in to sales of an existing product
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one-to-one marketing
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individualized method of marketing used to build long-term relationships with customers
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perceptual mapping
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means of graphing the locations of products or brands in customers’ minds
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Marketing Sales Potential =
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number of buyers (b) x the quantity purchased in a given time period (q) x the price/unit (p)
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What is Weber's Law?
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the stronger the initial stimulus, the greater the added intensity needed to perceive a difference.
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What is the Differential Threshold?
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The point where there is just barely a noticeable difference
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What is the Zeigernik effect?
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A person beginning a task needs to complete it.
When one is prevented from doing so, a state of tension is created that manifests itself in improved memory for the incomplete task. |
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The Marketing Plan is a written document that acts as a guidebook of __________ ________ for the marketing manager.
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marketing activities
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Marketing Myopia defines a business in terms of ___________ and ____________ rather than in terms of the ____________ that customers seek
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goods, services, benefits
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Marketing Myopia occurs when mission statements are too _________
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narrow
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SWOT stands for
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Strengths, Weaknesses, external Opportunities, and Threats
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4 Characteristics of SBU’s
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A distinct mission and specific target market, Control over their resources, Their own competitors, Plans independent of other SBU’s
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Experience Curves are curves that show costs _________ at a predictable rate as ___________ with a product increases
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declining, experience
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Product/Service Differentiation
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Advantage achieved when a firm provides something that is unique and valuable to buyers beyond simply offering a lower price than the competition
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Niche Competitive Advantage occurs when
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a firm seeks to target and effectively serve a small segment of the market
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A Portfolio Matrix is a tool for __________ __________ among products or strategic business unites on the basis of __________ __________.
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allocating resources, market share
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Market Opportunity Analysis (MOA) is the __________ of the size of potential market segments and the assessment of __________ _________ in these market segments.
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estimation, key competitors
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The 4 Types of Strategic Alternatives are market ________, market _________, product __________, diversification
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penetration, development, development
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4 P’s of Marketing Mix
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product, place, promotion, price
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Rentrenchment is a Consolidation Strategy that ___________ the budget for a product
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reduces
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Pruning is a Consolidation Strategy that ___________ a product line
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eliminates
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Divesting is a Consolidation Strategy that _________ _____ a product line
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sells off
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3 Levels of Ethical Development (moving from more to less childlike)
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preconventional, conventional, postconventional
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The phenomena of ________ _______ has had the greatest effect on marketing than any other social change.
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working women
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Generic Competition
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between different types of products
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Form Competition
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between firms providing the same type of service (car vs. motorcycle)
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Industry Competition
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between firms providing the same class of products (different prices, Honda vs. Mercedes)
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Brand Competition
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between firms that offer similar products (Honda vs. Toyota)
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