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Flashcards in Chapter 13 Deck (55):
1

marketing

the process of discovering the needs and wants of potential buyers and customers and then providing goods and services that meet or exceed their expectations

2

product

in marketing, any good or service, along with its perceived attributes and benefits, that creates value for the customer

3

exchange

the process in which two parties give something of value to each other to satisfy their respective needs

4

core value proposition

a statement of the tangible results a customer receives from using your products

5

marketing concept

identifying consumer needs, and then producing the goods or services that will satisfy them while making a profit for the organization

6

production orientation

an approach in which a company works to lower production costs without a strong desire to satisfy the needs of customers

7

customer value

the ratio of benefits to the sacrifices necessary to obtain those benefits, as determined by the customer; reflects the willingness of customers to buy a product

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customer satisfaction

the customer's feeling that a product has met or exceeded expectations

9

relationship marketing

a strategy that focuses on forging long-term partnerships with customers by offering value and providing customer satisfaction

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customer relationship management (CRM)

the processes used by organizations to track and organize information about current and prospective customers

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environmental scanning

the process by which a company continually collects and evaluates information about its external environment

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target market

the specific group of consumers toward which a company directs its marketing efforts

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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; also called differential advantage

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cost competitive advantage

a company's ability to produce a product or service at a lower cost than all other competitors in an industry while maintaining satisfactory profit margins

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differential competiteve advantage

a company's ability to provide a unique product or service with a set of features that the target market perceives as important and better than the competitor's

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niche competitive advantage

a company's ability to target and effectively serve a single segment of the market within a limited geographic area

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marketing mix

the blend of product offering, pricing, promotional methods, and distribution system that brings a specific group of consumers superior value

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four Ps (4Ps)

product, price, promotion, and place (distribution), which together make up the marketing mix

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product strategy

taking the good or service and selecting a brand name, packaging, colours, a warranty, accessories, and a service program

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pricing strategy

setting a price based on the demand and cost for a good or service

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distribution strategy

creating the means by which products flow from the producer to the consumer

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promotion strategy

the unique combination of personal selling, advertising, publicity, and sales promotion to stimulate the target market to buy a product or service

23

social marketing

the application of marketing techniques to social issues to social issues and causes; used to convince customers of ideas, attitudes, and behaviours

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buyer behaviour

the actions people take in buying and using goods and services

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culture

the set of values, ideas, attitudes, and other symbols created to shape human behaviour

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reference groups

formal and informal groups that influence buyer behaviour

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opinion leaders

those who influence others

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socialization process

the passing down of cultural norms and values to children

29

personality

a way of organizing and grouping how and individual reacts to situations

30

self-concept

how people perceive themselves

31

ideal self-image (normative)

the way an individual would like to be

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real self-image (descriptive)

how an individual actually perceives him- or herself

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perception

the process by which we select, organize, and interpret stimuli into a meaningful and coherent picture

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selective exposure

the process of deciding which stimuli to notice and which to ignore

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belief

an organized pattern of knowledge that an individual holds as true about the world

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attitude

learned tendency to respond consistently toward a given object, idea, or concept

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involvement

the amount of time and effort a buyer invests in the searches, evaluations, and decision processes of consumer behaviour

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routine response behaviour

purchase of low-cost, frequently bought items with little search or decision making

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limited decision making

the situation in which a consumer has previous product experience but is unfamiliar with the current brands available

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extensive decision making

purchasing an unfamiliar, expensive, infrequently bought item

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market segmentation

the process of separating, identifying, and evaluating the layers of a market to identify the target market

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demographic segmentation

the differentiation of markets through the use of categories such as age, education, gender, income, and household size

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geographic segmentation

the differentiation of markets by region of the country, city or county size, market density, or climate

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psychographic segmentation

the differentiation by personality or lifestyle

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benefit segmentation

the differentiation of markets based on what a product will do rather than on customer characteristics

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volume segmentation

the differentiation of markets based on the amount of the product purchased

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marketing research

the process of planning, collecting, and analyzing the data relevant to a marketing decision

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survey research

a marketing research method in which data are collected from respondents in person, by telephone, by mail, at a mall or through the Internet to obtain facts, opinions, and attitudes

49

observation research

a marketing research method in which the investigator monitors respondents' actions without interacting directly with the respondents; for example, by using cash registers with scanners

50

experiment

a marketing research method in which the investigator changes one or more variables - price, packaging, design, shelf space, advertising theme, or advertising expenditures - while observing the effects of these changes on another variable (usually sales)

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primary data

information collected directly from the original source to get more information about an opportunity or to solve a problem

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secondary data

information that has already been collected for a project, other than the current one, that can help to understand a situation or solve a problem

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green marketing

the process of selling products based on their environmental benefits

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loyalty cards

cards issued by a manufacturer, service organization, or retailer that give discounts to loyal and frequent shoppers

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cognitive dissonance

the condition of having beliefs or knowledge that are internally inconsistent or that disagree with one's behaviour