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Marketing 1-4 App A

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Marketing
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Affects every aspect of pur lives
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Production
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Making goods and performing services
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Marketing
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Provides needed direction for production and helps make sure that the right goods and services are produced and find their way to consumers. Seek to accomplish an organizations objectives by anticipating customer needs to satisfy goods and services from producer to client
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Customer satisfaction
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Extent to which a firm fulfills customer needs, desires, and expectations
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Marketing costs
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50 cents of every dollar
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Innovation
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Development and spread of new ideas, goods and services
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Marketing applies to
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Profit and non profit
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Marketing should begin with
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Determining what goods and services customers need
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Marketing doesn’t occur unless
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Two or more parties are willing to exchange
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Pure subsistence economy
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When a family produces everything it consumes
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Marketing flow
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Building long lasting relationships with the company and the customer
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Macro marketing
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How the whole marketing system works, helps match supply and demand
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Economies of scale
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As companies produce more, prices go down
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Universal functions of managing
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Buying, selling, transporting
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Buying function
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Looking for and evaluating goods and services
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Selling function
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Involves promoting the product through the use of selling, advertising, customer service and other direct and mass selling methods . Met visible method in marketing
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Standardization and grading
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Sorting products according to size and quality
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Market information function
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The collections, analysis and distribution of all the information needed to plan, carry out, and control marketing activities
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Intermediary
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Someone who specializes in trade rather than production Retailers and wholesalers
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Collaborators
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Firms that facilitate or provide one or more of the marketing functions other than buying or selling including advertising agencies, marketing research firms, laboratories, internet, warehouses….
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Economic system
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The way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society
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Two economic systems
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Command and market directed
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Command economy
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Government officials what and how much is to be produced by whom, when and why Consumers have some freedom of choice Marketing and advertising is neglected
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Market directed economy
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The individual decisions of the many producers and consumers make the macro level decisions for the whole economy Customers get freedom of choice, producers free to do whatever they wish
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An American economy is
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Mainly market directed
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Price is a measure of
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Value
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5 stages of marketing
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1. Simple trade era 2. Production era 3. Sales era 4. Marketing department era 5. Marketing company era
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Simple trade era
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Families traded or sold their “surplus” output to local distributors
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Production era
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A company focuses on production of a few specific products
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Sales era
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Company emphasizes selling because of increased competition
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Marketing department era
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When all marketing activities are brought under the control of one department to improve short-run policy planning and try to integrate firms activities
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Marketing concept
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And org aims all efforts at satisfying it’d customers at a profit
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Production orientation
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Making products that are easy to produce then trying to sell them
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Marketing orientation
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Instead of selling what it can produce, they try to offer what customers need
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Three basic ideas of marketing concept
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Customer satisfaction, company effort, profit
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Triple bottom line
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Measures an organizations economics, social and environmental outcome as a measure of long-term success
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Customer value
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Difference between the benefits a customer sees from a marketing offering and the costs of obtaining those benefits
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The best way to improve customer value is
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To beat the competition and be the first to satisfy a need that others have not considered
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Anytime a customers value is reduced
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The relationship is weakened
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Nonprofits
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Must make as much as it spends to be successful
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Micro macro dilemma
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What is good for some consumers and firms may not be good for society as a whole
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Social responsibility
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A firms obligation to improve its positive effects on society and reduce its negative effects
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Marketing ethics
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The moral standards that guide marketing decisions and actions
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Marketing has
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Many critics
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Marketing management process
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Process of planning marketing activities, directing the implementation of plans, and controlling plans
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Strategic management planning
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Planning strategies to guide a whole company. The managerial process of developing and maintaining a match between and organizations resources and it’s market opportunities
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Marketing strategy
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Specifies a target market and a related marketing mix Target market Marketing mix
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Marketing mix
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Controllable variables a company puts together to satisfy this target group
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Mass marketing
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Aims at everyone
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Target marketing
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Aims specific customers, not Limited to small market segments
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Marketing mix
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Made of four p’s
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Four p’s
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Price, product, promotion, place
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The customer should be
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The target for all marketing
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Product
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Involves a physical good, service or blend of both
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Place
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Getting the “right” production to the right place where and when it’s wanted
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Channel of distribution
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Flow of products from producer to consumer
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Promotion
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Telling others about the right product. Includes selling, mass selling and sales promotion
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Personal selling
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Face to face over the phone or internet
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Customer service
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Key to building a business
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Mass selling
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Communicating with large numbers of consumers at the same time, main form is advertising
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Advertising
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Paid, non-personal presentation
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Publicity
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Unpaid form of non personal presentation
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Sales promotion
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Promotion activities other than advertising, publicity, and personal selling ghost stimulate interest, trial or purchase
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All four p’s are
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Equally important
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Marketing plan
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Written statement of a marketing strategy and the time related benefits of carrying out the strategy
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Marketing plan steps
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What marketing fix will be offered, to whom, now long. What company resources are needed, at what rate What results are expected
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Operational decisions
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Short run decisions to help implement strategies
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Marketing program
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Blends all the firms marketing plans into one “big” one P&G brands
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Customer life time value
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It stream of purchases that a customer could contribute to the company over the length of the relationship
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Customer equity
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The expected earnings steam (profitability) of a firms current and prospective customers over some period of time
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Breakthrough opportunities
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Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time
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Competitive advantage
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A marketing fixe that is better than a competitors mix
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SWOT analysis
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Use way to organize information
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To get a competitive advantage
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A company needs to do more than just meet the needs in the same way as another firm
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Differentiation
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Distinct from what is availible from another competitor
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Four basic opportunities
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Market penetration, marketing development, product development, diversification
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Market penetration
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Trying to increase sales for a firms present products in present markets
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Market development
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Trying to increase sales by selling present products to new customers
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Product development
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Means offering new or improved products for present markets
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Diversification
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Means moving into totally different lines of business
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Increased international trade
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Advances e commerce, transportation and communication
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Risks are higher in foregut countries because
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Many firms fail to understand cultures
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External market environment major areas
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Economic, technological, political and legal, cultural and social Uncontrollable variables
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Mission statement
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Sets the organizations basic purpose for being focusing on a few key goals
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Marketing objectives
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Guide managers as they search for opportunities. Should be set within the framework of larger objectives
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Company and marketing objectives should be
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Realistic and achievable
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Every firm has some resources
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That set it apart
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Barriers to enter a market
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Companies that require a large aunt of capital and lack financial strength
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Patent
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20 year monopoly
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Competitive environment
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Affects the number and types of competitors the marketing manager faces and now they behave
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Four basic market competition situations
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Pure competition, oligopoly, monopolistic competition, monopoly
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Oligopoly
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Pure market competition, competitors offer very similar marketing mixes and customers see the alternatives as close situations
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Monologue situations
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One firm completely controls a broad product market and are rare in market-directed economies, government regulated. Marketing managers sometimes differentiate similar products by relying on other elements
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Sustainable competitive advantage
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Customers see better than a competitors and Cannot be quickly copied (gas stations)
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Competitor analysis
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Organized approach for evaluating in the strengths and weaknesses of current or potential competitors marketing strategies by looking at what they are currently doing
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Competitive rivals
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A firms closest competitor
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Competitor matrix
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Tool for organization the competitor analysis by using a chart with strengths and weaknesses of a rival company
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Economic government
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Refers to the macro economic factors including income, growth, inflation and consumer buying and spending that changes rapidly
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Technology
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Application of science to convert an economy’s resources to output, creates opportunities for new products and processes
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Nationalism
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An emphasis on a country’s interests before everything else, affect how macro-marketing systems work
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NAFTA
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North American free trade agreement , rules of trade for canada, us, Mexico
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Legal environment
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Changes in politics, environments often mead to changes in legal environments
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Cultural and social environment
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Affects how and why people live and behave as they do, which affects buying behavior
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Variables of cultural and social environments
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Language, education, religion. Food. Clothing. Housing, work , marriage, family
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Profitable markets require
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Income and people
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Income is
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One of the most important demographic dimensions
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GDP
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Gross domestic product, how much goods and services in a year
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GNI
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Gross national income, dos t include foreigner income
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Baby boomers
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1946-1964
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Gen x
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1965-1977
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Gen y
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1978-1994
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Product market screen criteria
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Analyzing and merging everything about a firm Quantitive and qualitative,
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Sustainability
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Important to meet present needs without compromising the ability of future generations to meet their own needs
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Market
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Group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services
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Generic market
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Market with Broadly similar needs and sellers with diverse ways of satisfying the needs
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Product market
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Market with very similar needs and sellers offering various close substitute ways of satisfying those needs. May consist of sub markets
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4 parts in product market
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Product type, consumer, customer type, geographic area
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Market segmentation
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A two step process of naming broad product markets and segmenting these broad product markets in order to select target markets and develop suitable marketing mixes e
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Segmenting
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Clustering people with similar needs into a market segment
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Market segment
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Homogenous group of customers who will respond to a marketing mix in a similar way
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3 basic ways to develop a market oriented strategy
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Single target market approach, multiple target market approach, combined target market approach