Marketing 310 Exam 1 – KU – Flashcards
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Culture
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set of values, ideas, and attitudes that are learned and shared among the members of a group
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Diversification
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marketing strategy of selling new products to new markets
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Moral Idealism
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personal moral philosophy that considers individual rights or duties as universal, regardless of the outcome
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Situational Influences
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five aspects of the purchase situation that impact the consumer purchase decision process: purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states
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Marketing Plan
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road map for the marketing activities of an organization for a specified future time period, such as one year or five year
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Global Competition
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exists when firms originate, produce, and market their products and services worldwide
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Straight Rebuy
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routine reorder
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Modified Rebuy
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changed order
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New Buy
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first time order
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Marketing Mix
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product, price, promotion, and place
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Consumerism
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grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.
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Profit Responsibility
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duty of a firm to maximize profits for its owners or stockholders
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Whistle-blowers
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employees who report unethical or illegal actions of their employers
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Derived Demand
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demand for industrial products and services is driven by demand for consumer products and services
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Want
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need that is shaped by a person's knowledge, culture, or personality
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Target Market
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one or more specific groups of potential consumers toward which an organization directs its marketing program
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Customs
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what is considered normal and expected about the way people do things in a specific country
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Market Segments
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relatively homogeneous groups of prospective buyers that have common needs and will respond similarly to a marketing action
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Marketing
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Seeks to discover wants and needs of customers, and satisfy these wants and needs
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Environmental Forces
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uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces
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Necessary for Marketing to Occur
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two or more parties with unsatisfied needs, a desire and ability on their part to have their needs satisfied, a way for the parties to communicate, and something to exchange.
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Needs
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when a person feels deprived of basic necessities such as food, clothing, and shelter
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Product
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good, service, or idea to satisfy the consumer's needs
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Price
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what is exchanged for the product
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Promotion
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means of communication between the buyer and seller
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Place
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means of getting the product to the consumer
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Customer Value
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unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price
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Relationship Marketing
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links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
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Marketing Program
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plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
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Marketing Concept
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idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals
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Societal Marketing Concept
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view that organizations should satisfy the needs of consumers in a way that provides for society's well-being
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Organizational Buyers
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manufacturers, wholesalers, retailers, service companies, not-for-profit organizations and government agencies that buy products and services for their own use or for resale
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Utility
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benefits or customer value received by users of the product
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Competitive Advantage
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one or more unique aspects of an organization that cause target consumers to patronize that firm rather than competitors
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Points of Difference
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those characteristics of a product that make it superior to competitive substitutes
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Pure Competition
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many sellers and they each have a similar product
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Monopolistic Competition
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many sellers compete with substitutable products within a price range
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Oligopoly
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occurs when a few companies control the majority of industry sales
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Pure Monopoly
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occurs when only one firm sells the product
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Utilitarianism
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personal moral philosophy that focuses on "the greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior
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Purchase Decision Process
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stages a buyer passes through in making choices about which products and services to buy
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High Involvement Purchases
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each of the five stages of the consumer purchase decision process is used and considerable time and effort are devoted to the search for external information and the identification and evaluation of alternatives
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Selective Retention
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consumers do not remember all the information they see, read, or hear, even minutes after exposure to it
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Selective Comprehension
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involves interpreting information so that it is consistent with your attitudes and beliefs
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Selective Exposure
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occurs when people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent with them
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Subliminal Perception
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you see or hear messages without being aware of them
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Attitude
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learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way, shaped by our values and beliefs
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Associative Group
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group which a person actually belongs, such as a brand community that consists of a specialized group of consumers with a structured set of relationships involving a particular brand
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Traditional Auction
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seller puts an item up for sale and would-be buyers are invited to bid in competition with each other
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Reverse Auction
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buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other
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International Firm
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engages in trade and marketing in different countries as an extension of the marketing strategy in its home country
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Multinational Firm
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views the world as consisting of unique parts and markets to each part differently, have as many different product variations, brand names, and advertising programs as countries in which they do business. uses multidomestic marketing strategy
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Transnational Firm
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views the world as one market and emphasizes cultural similarities across countries or universal consumer needs and wants rather than differences uses global marketing strategy
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Back Translation
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translated word or phrase is retranslated into the original language by a different interpreter to catch errors
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Indirect Exporting
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firm sells its domestically produced products in a foreign country through an intermediary
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Exporting
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producing products in one country and selling them in another country
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Licensing
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company offers the right to a trademark, patent, trade secret, or other similarly valued item of intellectual property in return for a royalty or a fee
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Joint Venture
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foreign company and a local firm invest together to create a local business
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Direct Investing
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domestic firm actually investing in and owning a foreign subsidiary or division
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Gray Market
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situation where products are sold through unauthorized channels of distribution
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Reciprocity
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mutual agreement that firms will buy from each other to benefit one another
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Maslow Hierarchy of Needs
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list of needs from physiological and safety needs to social, personal, and self actualization needs
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Temporal Effects
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time of day, how much time you have to make decision
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Caveat Emptor
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let the buyer beware
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Patent Law
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gives inventors the right to exclude others from making, using, or selling products that infringe the patented invention
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Copyright Law
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gives the author of a literary, dramatic, musical, or artistic work the exclusive right to print, perform, or otherwise copy that work
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Digital Millennium Copyright Act
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improved protection of copyrighted digital products
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Gross Income
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the total amount of income from wages before any payroll deductions, what you start with
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Disposable Income
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money income left after all taxes on it have been paid, used on rent and necessities
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Discretionary Income
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money income left after necessities have been bought, used on luxury goods
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Environmental Scanning
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acquiring information to identify and interpret potential trends
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