Marketing 101 Quiz 1

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Customer Satisfaction
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Extent to which a firm fulfills a customer’s needs, desires and expectations
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Innovation
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the development and spread of new ideas goods and services
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Marketing
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performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to consumer or client
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Macro Marketing
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social process that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society
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Economies of Scale
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As a company produces larger numbers of a particular product, the cost of each unit goes down
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Market information function
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collection, analysis and distribution of all the information needed to plan, carry out, and control marketing activities
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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
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e-commerce
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exchange between individuals or organizations based on applications of information technology
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economic system
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way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in society
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Command Economy
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government officials decide what and how much is to be produced and distributed by whom, when to whom and why
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market directed economy
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individual decisions of the many producers and consumers make the macro level decisions for the whole economy
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production era
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industrial revolution to 1920s. time when a company focuses on production of a few specific products. “if we can make it it will sell”
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Sales era
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1920s-1950 company emphasizes selling because of increased competition
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Marketing department era
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time when all marketing activities are brought under the control of one department to improve short run policy planning and to try to integrate the firms activities – focus on demand
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Marketing company era
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time when in addition to short run marketing planning, marketing people develop long range plans and the whole company effort is guided by marketing concept
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Marketing concept
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an organization aims all its efforts on satisfying its customers at a profit
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Customer Value
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difference between the benefits a customer sees from a market offering and the cost of obtaining those benefits
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micro macro dilemma
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what is good for firms and consumers may not be good for society
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social responsibility
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firm’s obligation to improve its positive effects on society and reduce its negative effects
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Marketing Management Process
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1) Planning marketing activities 2) Directing the implementation 3) Controlling these plans
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strategic management planning
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the managerial process of developing and maintaining a match between an organization’s resources and its market opportunities
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Tactical Marketing Mix Variables
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– controllable variables 1) Product 2) Price 3) Place 4) Promotion
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channel of distribution
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any series of firms that particiapte in the flow of products from producer to final user or consumer
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personal selling
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direct spoken communication between sellers and potential customers
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customer service
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personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase
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mass selling
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communicating with large numbers of customers at the same time
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advertising
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any paid form of nonpersonal presentation of ideas goods or services by an identified sponsor
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publicity
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unpaid form of nonpersonal presentation of ideas, goods and services
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sales promotion
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promotion activities other than advertisement or publicity that stimulate interest, trial or purchase i.e. coupons
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marketing plan
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written statement of a marketing strategy and the time related details for carrying out the strategy
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marketing program
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blends all the firm’s marketing plans into a plan
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customer equity
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expected earnings stream of a firm’s 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 profitable for a long time
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competitive advantage
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a firm has a marketing mix that the target market sees as better than a competitor’s mix
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SWOT Analysis
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1) Strenghts 2) weaknesses 3) Oportunities 4) THreats
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Differentiation
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marketing mix is distinct from and better than what is available from a competitor
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market penetration
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trying to increase sales of a firm’s present products in its present market
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market development
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trying to increase sales by selling present products in new markets
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product development
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offering new or improved products for present markets
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diversification
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moving into totally new lines of business
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value Imperatives market driven organization, customer value, brand equity
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1) market driven organization 2) customer value 3) brand equity
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External Markets environment
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1) Economic 2) Political and legal 3) Technological 4) Cultural and Social
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mission statement
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sets out an organization’s basic purpose for being
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competitive environment
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affects the number and types of competitors the marketing manager must face and how they may behave
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competitor analysis
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organized approach for evaluating the strengths and weaknesses of current or potential competitors marketing strategies
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competitive rivals
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firms that will be the closest competitors
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competitive barriers
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conditions that may make it difficult for a firm to compete in a market
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economic environment
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macro economic factor including national income, economic growth and inflation that affect pattern sof consumer and business spending
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cultural and social environment
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affects how and why people live and behave like they do which affects customers buying behavior and eventually the political and legal environment
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sustainability
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the idea that its important to meet present needs without compromising the ability of future generations to meet their own needs
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strategic business unit (SBU)
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an organizational unit that focuses on some product- market and is treated as separate profit center
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Economic buyers
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people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money
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Economic Needs
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1) economy of purchase 2) efficiency in operation 3) dependability 4) improvement of earnings 5) convenience
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discretionary income
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what is left of income after paying taxes and paying for necessities
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needs
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discrepancy between actual state and ideal state 1) Utilitarian 2) Psychological
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wants
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needs that are learned during a person’s life
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drive
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strong stimulus that encourages action to reduce a need
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Hierarchy of needs
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1) Physiological 2) Safety 3) Social 4) Personal
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Perception types
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1) Selective exposure 2) Selective perception 3) Selective retention
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perception
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how we gather and interpret information from the world around us
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learning
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change in a person’s thought processes caused by prior experience 1) cues 2) response 3) Reinforcement
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cues
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products, signs, ads and other stimuli in the environment
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response
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effort to satisfy a drive
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reinforcement
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occurs when the response is followed by satisfaction, strengthens relationship between cue and response
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attitude
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person’s point of view toward a product, an advertisement, a salesperson, a firm or an idea
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belief
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person’s opoinion about something
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expectation
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an outcome or event that a person anticipates or looks forward to
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trust
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confidence a person has in the promises or actions of a brand or company
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psychographics/ lifestyle analysis/ AIOs
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analysis of a person’s day to day pattern of living as expressed in that person’s activities, interests and opinions
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reference group
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people to whom an individual look when forming attitudes about a particular topic
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opinion leader
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person who influences other
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Consumer Decision Making Process
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1) Need Recognition 2) Information Search 3) Evalution of alternatives 4) Purchase decision 5) Post purchase behavior
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Basic Needs
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1) Esteem 2) Belonging 3) Control 4) Meaningfulness
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Information Search methods
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1) Internal Search – consideration set 2) External Search – interpersonal – WOM -Influenced by motivation
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Heiristics
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Low effort decision making. choice tactics of rules of thumb. shortcuts used by consumers to make quick choices 1) Price 2) habit 3) Normative 4) More is better
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Factors that influence satisfaction
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1) Performace Quality (least) 2) Equity 3) Value 4) Expectations
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disconfirmation
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satisfaction or dissatisfaction occurs when there is a discrepancy either positive or negative between our expectations and the product’s actual performance
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Satisfaction equation
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Perceived Performance- expectation
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Consumer Effort Range
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1) Extensive problem solving 2) Limited Problem solving 3) Routinized response behavior
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dissonance
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feeling of uncertainty about whether a correct decision was made
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business and organizational culture
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any buyers who buy for resale or to produce other goods and services
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purchasing managers
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buying specialists for their employers
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Buying Center
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1) Users 2) influencers 3) buyers 4) Deciders 5) Gatekeeper
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Buying Process for businesses
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1) New task buying 2) Straight rebuy 3) Modified rebut
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competitive bid
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terms of sale offered by the supplier in response to the purchase specifications posted by a buyer
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generic market
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market with broadly similar needs and sellers offering various ways to meet those needs i.e. entertainment seekers
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product market
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market with very similar needs and sellers offering close substitutes for those needs i.e. products to record memories on trips (postcard, camera)
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Multiattribute Model
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attempt to quantify the high effort evaluation of alternative process. importance of attribute (1-7) performance of brant (-3,3)
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utilitarian dimension
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whther the product serves the purely functional purpose it is intended to serve
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hedonic dimension
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whether or not the product gives you pleasure
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Macro Marketing
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Social process that direct an economy’s flow of goods and services from producer to consumer in a way that effectively matches supply and demand and accomplishes the objectives of society
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Universal Functions of marketing
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1) buying 2) selling 3) standardization and grading 4) Financing 5) Risk taking 6) Market Information
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Evolution of marketing
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1) Production orientation 2) Sales orientation 3) Marketing concept 4) Competitor orientation 5) relationship Management 6) Customer centricity/ Value Marketing
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Marketing Strategy
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selects target market and marketing mix -Situation analysis- 5Cs -Strategic options and objectives -implementation plan (4 Ps)
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5 Cs
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– situation analysis 1) Company (swot) 2) Customers 3) Competitors 4) Collaborators 5) Context

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