MKTG3832- Exam 1 Gander – Flashcards
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marketing
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the activity, set of institutions, and processes for creating communication, delivering and exchanging offerings that have values for customers, clients, partners and society at large
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five eras of marketing??
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1 the production era 2 the sales era 3 the marketing era 4 the relationship era 5 the social era
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the production era
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-before 1925 -focused narrowly on production--manufactures made high quality products then looked for customers -business success was defined solely in terms of production successes
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the sales era
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-1920/1950 -customers will resist purchasing nonessential items -only personal selling and creative advertising would persuade them to buy the product -manufactures began to increase their emphasis on effective sales forces
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the marketing era
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-1930 -shift from a sellers market to a buyer market -marketing concept- a companywide consumer orientation to achieve long-run success - a stront market orientation improves market success and overall performance
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the relationship era
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-1990 -relationship marketing--involves developing long-term, value-added relationships over time with customers and suppliers
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the social era
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-characterized by the accessibility to the internet and the creation of social media sites -routine use of the web and social networking sites by companies to connect to consumers
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Utility
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the want-satisfying power of a good or service
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4 basic kinds of utility
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1 form 2 time 3 place 4 ownership(possession)
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form
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conversion of raw material and components into finished goods and services
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time
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availability of goods and services when consumers want them
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place
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availability of goods and services at convenient locations
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ownership(possession)
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ability to transfer title to goods or services from marketer to buyer
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marketing myopia
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managements failure to recognizes the scope of its business
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how to overcome marketing myopia
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develop broader marketing- oriented business ideas focusing on customer need satisfaction
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5 categories of non-traditional marketing
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1 person 2 place 3 cause 4 event 5 organization
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person marketing
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efforts to get the attention interest and preferences of a target market toward a person ex: celeb endorsements
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place marketing
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efforts to attract people and organizations to a particular geographic area ex: tourism enhancements
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cause marketing
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identification and marketing of a social issue, cause or idea to selected target marketers
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event marketing
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marketing of sporting, cultural and charitable activities to selected target marketers ex: event sponsorships
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organization marketing
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intended to persuade others to accept and contribute to the organization in some way
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when does the marketing of a product begin?
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long before it hits the shelves
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ethics
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moral standards of behavior extended in a society
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planning
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-anticipating future events and conditions and determining the best way to achieve organizational objectives -continous process that includes identifying objectives and determining the actions through which a firm can attain those objectives -creates a BLUEPRINT for everyone in the organizaiton
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mission statement
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essential purpose that differentiates one company form another
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strategic planning
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-determining an organizations primary objectives - adopting courses of action that will achieve these objectives -provides long-term direction for its decision makers
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tactical planning
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guides the implementation of activities specified in the strategic plan - addresses shorter-term actions
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the BCG Matrix
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-developed by the Boston Consulting Group - a market share/market growth matrix that plots market share against market growth potential 4 Quadrants -stars-generates considerable income -cash cow- generates strong cash flow - quesiton marks- potenial to become a star or cash cow -dogs- generates little profits
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strategic business unit
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- INDEPENDENT!!! -has its own managers, resources, objectives and competitors -persuades its own distinct mission and develops its own plans independently -helps focus the attention of company managers market conditions dictate
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SWOAT analysis
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helps planners compare INTERNAL organizational strengths and weaknesses with EXTERNAL opportunities and threats
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Porters 5 forces model
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1 the potential of new entrants 2 the bargaining power of buyers 3 the bargaining power of suppliers 4 the threat of substitute products 5 rivalry among competitors
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Marketing mix variables
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-blending 4 strategy elements to fit the needs and preference of a specific target market 1 product 2 place (orientation) 3 promotion 4 pricing
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green marketing
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production, promotion and reclamation of environmentally sensitive products
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environmental scanning
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collecting external marketing environment info to identify and interpret potential trends
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stages in the business cycle
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1 prosperity- consumer spending is brisk, growth in service sector 2 recession- consumers focus on basic, functional products 3 depression-consumers spending sinks to its lowest level 4 recovery- consumer purchasing power increases
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Strategic Alliance
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partnership in which 2+ companies combine resources and capital to create competitive advantages in a new market
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The newest regulatory frontier is------
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Cyberspace
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ethical issues in marketing
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product place promotion pricing
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The deregulation movement ended ------
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total monopoly protection for most utilities
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The Wheeler-Lea act
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-1938 -amends the FTC act to outlaw additional unfair practices, gives the FTC jurisdiction over false and misleading advertising
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The Sherman Antitrust Act
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-1890 - prohibits restraints of trade and monopolization, identifies a competitive marketing system as a national policy goal
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Federal Trade Commissions Act
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-1914 -prohibits unfair methods of competition
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The Clayton Act
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-1914 -prohibits major asset purchases that would decrease competition in an industry
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Social Media Platforms
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-social media tool- enables users tho communicate with each other online -social networking sites- websites that provide virtual communities -bookmarking sites- gives people a place to save, organize and manage links -social news sites- people post news items or links to outside articles on such sites then vote on which postings get the most prominent display -online forms- members hold conversations by posting messages
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social media marketing
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uses social media portals to create a positive influence on consumers or business customer toward an organizations grand, goods and services, public image and website
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major ethical issue
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privacy accountability
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landing a job
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-get an internship - take online classes that teach social media marketing skills
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social media monitoring
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process of tracking, measuring and evaluation a firms social media marketing initiatives
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content marketing
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creating and distribution relevant and targeting material to attract and engage and audience with the gaol of driving them to a desired action
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social media tool
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enables users to communicate with each other online
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relationship-building goals and strategies are seldom included in the plans of business firms TRUE OR FALSE???
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true
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basic objectives or goals of an organization are derived from its-----??
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Mission statement
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corporate website
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designed to increase a firms visibility, promote its offerings and provide information to interested parties -build customer goodwill -assist channel members in their marketing efforts
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use of the internet for business transactions between organizations
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-generates sales revenue -provides detailed product description when required -increases efficiency of business-to-business transactions
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electronic storefronts
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company websites that sells products to customers
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private exchange
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a secure website at which a company and its suppliers share all types of data related to e-marketing
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firewall
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an electronic barrier between a companies internal network and the internet that limits access into and out of the network
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What is the first and most important step in the website development process
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to ask the question "what is the companies goal for its website?"
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blog
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an online journal for an individual or organization
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banner ad
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strip message placed high and in visible areas of frequently visited websites
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pop-up-ad
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separate window that pops up with an advertising message
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search marketing
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paying search engines a fee to make sure that the cpmapnys listing appears toward the top of the search results
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pre-roll video ad
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marketing messages that play before an online video
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e-marketing
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-global reach -personalization -interactive marketing -right time marketing -integrated marketing
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Marketing of a product begins after it hits the shelf?
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FALSE
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The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have values for customers and society at large is called?
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MARKETING
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A company produces a high-quality product, with maximum monthly output of 10,000 until. Production levels are constant and the company relies on its marketing department to find customers for its output. The approach is consistent with which era in marketing history?
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SALES ERA
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The business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them is known as ?
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CONSUMER ORIENTATION
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Marketing Myopia occurs when management fails to recognize the scope of its business ?
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TRUE
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Relationship-building goals and strategies are seldom included in the plans of business firms?
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FALSE
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Strategic planning has a minimal impact on a firms destiny because it provides only short-term direction to the decision makers?
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FALSE (LONG-TERM)
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The basic objectives or goals of an organization are derived form its ?
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MISSION STATEMENT
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Microsoft windows generates considerable income for its company but is expensive to support. However, the expense is acceptable because windows is the worlds dominant operating system. Based on this info, windows would be categorized under the BCG market share/growth matrix as??
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STAR
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Environmental scanning is the process of collecting external data, analyzing it, and determining weather the trends identified are opportunities or threats to the company.
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TRUE
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The Robinson family recently bought a car as they were offered a no-interent financing option. The family annual vacation was also booked though a discount travel firm. The family has purchasing power, but they prefer to spend their money cautiously like most other families in the country. The above stated instances indicate which stage of the business cycle ?
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RECESSION
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The coffee cup, a popular coffee chain in Switzerland, is trying to expand its business into Canada. it decides to enter into a partnership with a Canadian bookstore chain to set up coffee shops inside bookstores, an arrangement which will benefit both firms, this type of partnership that helps create a competitive advantage is a new market know as?
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STRATEGIC ALLIANCE
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The newest regulatory frontier in the US is cyberspace, where state and federal regulators are investigating ways to police the internet and online services.
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TRUE
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The internet is an attractive option for business buying and selling as orders placed over the internet contain fewer errors compared to handwritten ones
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TRUE
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The basis for social media is conversation
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TRUE
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Online marketing refers to making activities that connect buyers and sellers electronically through interactive computer systems
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TRUE
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You are online and after entering a popular site for attorneys, a seperate window suddendly appears on the screen promoting a new line of legal software. This is an example of a -----ad.
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POP-UP
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The Wheeler Lea act
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-1938 -amends the FTC act to outlaw additional unfair practices gives the FTC jurisdiction over false and misleading advertising
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The Sherman Antitrust Act
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-1890 -prohibits restraints of trade and monopolization, identifies a competitive marketing system as a national policy goal
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Federal Trade Commissions Act
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-1914 -prohibits unfair methods of competition
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The Clayton Act
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-1914 -prohibits major asset purchases that would decrease competition in an industry
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Rules of engagement for social marketing
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-follow rules and guidelines -use social media channels as they were intended -think before posing/deleting
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green marketing
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production, promotion and reclamation of environmentally sensitive products
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social media marketers face ethical and legal issues such as----
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-privacy -accountability
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social media monitoring
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process of tracking, measuring and evaluating a firms social media marketing initiatives
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content marketing
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creating and distributing relevant and targeted material to attract and engage an audience with the gaol of driving them to a desired action
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social media marketing
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SMM-uses social media portals to create a positive influence on consumers or business customers toward an organizations: brand, goods and services, public image, website
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electronic storefronts
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company website that sells products to customers -increases capability of smartphones influence the growth of online shopping
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Private exchange
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a secure website at which a company and its suppliers share all types of data related to e-marketing
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firewall
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an electronic barrier between a companies internal network and the internet that limits access into and out of the network
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blog
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an online journal for an individual or organization
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banner ads
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strip message placed in high-visability areas of frequently visited websites
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pop up ad
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separate window that pops up with an advertising message
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search marketing
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paying search engines a fee to make sure that the companys listing appears toward the top of the search results
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pre roll video ad
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markering message that play before an online video
