marketing exam 1 chapter 1-6 – Flashcards
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consumer
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the ultimate user of a good and service
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marketing
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is the activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
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Marketing mix
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is a strategic toolbox that includes Product, Price, Promotion, and Place
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Product
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a tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process; a bundle of attributes including features, functions, benefits, and uses.
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promotion
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the coordination of a market's communication efforts to influence attitudes or behavior
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e-commerce
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the buying or selling of goods and services electronically, usually over the internet
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need
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the recognition of any difference between a consumers actual state and some ideal or desired state
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want
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the desire to satisfy needs in specific ways that are culturally and socially influenced
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business to business marketing
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the marketing of goods and services from one organization to another
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marketing concept
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a management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long term profitability
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benefit
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satisfies a need or want. the outcome sought by a customer that motivates buying behavior that satisfies a need or want
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market
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all the customers and potential customers who share a common need that can be satisfied by a specific product, who are willing to make the exchange and who have the authority to make the exchange
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marketplace
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any location or medium used to conduct an exchange
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utility
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the usefulness of benefit that consumers receive from a product.
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production orientation
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a management philosophy that emphasizes the most efficient ways to produce and distribute products
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selling orientation
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a managerial view of marketing as a sales function or a way to move products out of warehouses to reduce inventory
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societal marketing concept
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a management philosophy that markets must satisfy customers needs in ways that also benefit society and also deliver profit to the firm
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market offerings
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some combination of products, services, information, or experiences offered to a market to satisfy customer needs or wants
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value proposition
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a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased
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lifetime value of a customer
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the potential of a single customer's purchase of a firm's products generates over the customer's lifetime
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marketing plan
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a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy
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mass market
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all possible customer in a market, regardless of the differences of their specific need and wants; the way in which the target market perceive the product in comparison to competitors' brands
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market position
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the way the customer perceives the product in comparison to competitors' brands
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business planning
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an ongoing process of making decisions that guide the firm both in the short term and long term
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business plan
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a plan that includes the decisions that guide the entire organization
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strategic planning
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a managerial decision process that matches an organizations resources and capabilities to its market opportunities for long term growth and survival
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strategic fit
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aligning resources and capabilities with opportunities
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strategy
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basic, long-term goals and objectives
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steps in strategic planning
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1 .define the mission, 2. evaluate the internal& external, environment, 3. set organizational or SBU objectives, 4. Establish the business portfolio , 5. develop growth strategies
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Situation analysis
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an assessment of a firm's internal and external environment
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SWOT analysis
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an analysis of an organization's strength, weakness, opportunities and threats in its external environment
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business portfolio
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the group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities
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portfolio analysis
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a management tool for evaluating a firm business mix and assessing the potential of an organizations strategic business units
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BCG growth market share matrix
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a portfolio analysis model developed by the Boston consulting group that assesses the potential of successful products to generate cash that a firm can use to invest in new products
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question marks
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low market share, fast growth market
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cash cow
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dominant market, low growth potential market
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dogs
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small share, slow market. they offer specialized products in limited markets that are not likely to grow quickly
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market penetration strategies
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growth strategies designed to increase sales to existing products to current customers. nonusers, and users of competitive brands and served markets
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market development strategies
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growth strategies that introduce existing products to new markets
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product development strategies
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growth strategies that focus on selling new products in existing markets
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diversification strategies
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growth strategies that focus on both new products and new markets
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marketing intelligence system
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a method by which managers get information about everyday happening in the market environment
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market research
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the process of collecting, analyzing, and interpreting data about customers. competitors, and the business environment in order to improve marketing effectiveness
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information
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interpreted data
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customer insight
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the collection, deployment, and interpretation of information that allows business to acquire, develop and retain their customer
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Research design
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a plan that specifies what information markets will collect what type of study they will do
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secondary data
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data that have been collected for some purpose other than the problem at hand
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Exploratory reseach
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customer interviews focus groups, projection, case studies and ethnographic ( a technique that markets use to generate insights for the future, more rigorous studies.)
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Descriptive research
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a tool that probes more systemically into the problem and bases its conclusions large numbers of observation,
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causal research
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testing hypothesis cause and effect relationship
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neuromarketing
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a type of brain research that uses technologies such as functional magnetic resonance imaging (fMRI) to measure brain activity to better understand why consumers make the decision they do
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Ethnography
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an approach to research based on observation of people in their own homes or communities
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mall intercept
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a study in which researchers recruit shoppers in malls or other public areas
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reliability
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measurement techniques that are free of errors
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representativeness
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the extent to which consumers in a study are similar to a larger group in which the organization has an interest.
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probability sample
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in which each member of the population have some known chance of being included
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non probability sample
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in which personal judgement is used to select a respondent
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convenience sample
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non probability, composed of individuals who just happen to be available when and where the data is being collected
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customer relationship management
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systematically tracking consumers preferences and behaviors over time in order to tailor individualized value propositions
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share of customers
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the percentage of an individuals customers purchased of a product that is a single brand
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customer equity
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the financial value of a customer relationship throughout the lifetime of the relationship
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big data
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the exponential growth of data/both structure and unstructured in massive amounts.
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Bid data concerns
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volume, velocity, variety, and veracity
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data mining
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sophisticated analysis techniques to take advantage of the massive amount of transaction info now available
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marketing analysts
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the practice of measuring, managing, and analyzing marketing performance to max its effectiveness and optimize return on investment
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predictive analysts
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use large quantities of analysts within variable that have identify relationships to more accurately predict specific future outcomes
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marking metrics
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specific measures that help marketers watch the performance of their marketing campaigns, initiatives, channels, and when appropriate, serve as a control mechanism
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consumer behavior
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the process involved when individuals or groups select, purchase, use and dispose of goods, services, ideas, or experiences to satisfy their needs and desires.
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consumer market
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pertains to buyers who purchase goods and services for consumption rather than resale. However not all consumers are alike in their tastes
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problem recognition
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the process that occurs whenever the consumer sees a significant difference between his current state of affairs and some desired or ideal state; this recognition initiates the decision making process
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information search
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the process whereby a consumer searches for appropriate info to make a reasonable decision
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evaluation criteria
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the dimensions consumers use to compare competing product alternatives
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heuristic
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a mental rule of thumb that leads to a speedy decision by simplifying the process
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brand loyalty
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a pattern of repeat product purchases. accompanied by an underlying positive attitude toward the brand, base on the belief that the brand makes products superior to those of its competition
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post purchase evaluation
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the stage of the buyer decision process when an consumer will take additional action, based purely their satisfaction or dissatisfaction
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cognitive dissonance
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the anxiety or regret a consumer may feel after choosing form among several similar attractive choices
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perception
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the process by which people select, organize and interpret information from the outside world
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exposure
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the extent to which a stimulus is capable of being registered by a person's sensory receptors
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psycho graphics
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the use of psychographic, sociological, and anthropological factors to construct market segments
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cognition
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the knowing component of attitudes, refers to the beliefs of knowledge a persona has about a product and its important characteristics
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family life cycle
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means of characterizing consumers within a family structure on the basis of different stages through which people pass as they grow older
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hierarchy of needs
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an approach that categorizes motives according to five levels of importance, the more basic needs being on the bottom of the hierarchy and the higher needs at the top
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subculture
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a group within a society whose members share a distinctive set of beliefs, characteristics or common experience
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opinion leader
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a person who is frequently able to influence others attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories
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organizational markets
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another name for business to business markets
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derived demand
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demand for business or organizational products caused by demand for consumer goods or services
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inelastic demand
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demand in which changes in price have little or no effect on the amount demanded
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resellers
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the individual or organization that buy finished goods for the purpose of reselling, renting, leasing to make a profit
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government markets
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the federal, state, county, and local government that buys goods and services to carry pout public objectives and to support their operation
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straight rebuy
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a buying situation in which business buyer make routine purchases that require minimal decision making
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modified rebuy
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a buying situation used by business buyers to categorize a previously made purchase that involves some change and that requires limited decision making
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buying center
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the group of people in an organization who participate in purchasing decision
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outsourcing
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the business buying process of obtaining outside vendors to provide goods or services that otherwise might be supplied in house
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crowd sourcing
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a practice in which firms outsource marketing activities to a community of users
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reverse marketing
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a business practice in which a buyers firm atttempts to identify suppliers who will produce products according to the buyers firm specification
