Marketing Final Exam Study Guide

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Analysis
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the process of summarizing, combining, or comparing information so that decisions can be made
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Boycott
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an organized effort to influence a company by refusing to purchase its products
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Bartering
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exchanging products or services with others by agreeing on their values without using money
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Brand
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a unique name, symbol, or design that identifies a product, service, or company
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Business Consumers
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those who buy goods and consumers to produce and market other goods and services or for resale
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Buying Behavior
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the decision processes and actions of consumers as they buy services and products
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Central Market
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a location where people bring products to be conveniently exchanged
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Channel of Distribution
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all of the business involved in completing marketing activities as products move from the producer to the consumer
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Code of Ethics
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a set of standards or rules that guide ethical business behavior
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Command Economy
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a system in which the central government makes all economic decisions
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Communism
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an economic system in which the central government directs all major economic decisions
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Consumerism
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the organized of groups or consumers seeking to increase their influence on business practices
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Consumer Decision Making Process
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the process by which consumers collect information and choose among alternatives
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Controlled Economy
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an economic system where the government attempts to own and control important resources and to make the decisions about what will be produced ad consumed
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Demographics
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the descriptive characteristics of a market such as age, gender, race, income, and education level
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Determining Customer Needs
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based on many things.
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Discretionary Purchases
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non-essential purchases that satisfy consumers’ wants
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Distribution
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the locations and methods used to make the product available to customers
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Economic Utility
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the amount of satisfaction a consumer receives from the consumption of a particular product or service
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External Information
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provides an understanding of factors outside of the organization
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Focus Group
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a small number of people brought together to discuss identified elements of an issue or problem
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Final Consumers
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those who buy a product or service for personal use
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Free Economy
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an economic system in which resources are owned by individuals and decisions are made independently with no attempt at government regulation or control
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Green Marketing
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marketing activities designed to satisfy customer needs without negatively impacting the environment
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Image
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a unique, memorable quality of a brand
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Internal Information
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information developed from activities that occur within the organization
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Input
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information that goes into the system that is needed for decision making
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Microeconomics
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the study of relationships between individual consumers and producers
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Macroeconomics
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the study of economic behavior and relationships for the entire society
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Market
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the prospective customers a business wants to serve and the location of those customers
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Marketing Information Systems
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an organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions
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Market Economy
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also known as a free economy, an economic system in which resources are owned by individuals and decisions are made independently with no attempt at government regulation or control
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Marketing Concept
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using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotion of a product or service
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Market Research
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researching the market to determine customer wants and needs
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Market Segments
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groups of similar consumers within a larger market
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Market Segmentation
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the process of dividing a large group of consumers into subgroups based on specific characteristics and common needs
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Marketing Strategy
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the way marketing activities are planned and coordinated to achieve an organization’s goals
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Marketing
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the creation and maintenance of satisfying exchange relationships
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Merchandising
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offering products produced or manufactured by others for sale to customers
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Money System
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the use of currency as a recognized medium of exchange
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Marketing Mix – Four “Ps” (Place, Price, Product, Promotion)
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Product – anything offered to a market by the business to satisfy needs. Place – (distribution) – includes the locations and methods used to make the product available to customers Price – the amount that customers pay and the methods of increasing the value of the product to the customers Promotion – includes the methods used and information communicated to encourage customers to purchase and to increase their satisfaction
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Mixed Economy
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an economic system in which some goods and services are provided by the government and some by private enterprise
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Monopoly
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the type of market in which there is only one supplier offering a unique product
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Oligopoly
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the type of market in which a few businesses offer very similar products or services
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Output
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the result of analysis that is given to decision makers
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Price
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the actual amount customers pay and the methods of increasing the value of the product to the customers
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Primary Data
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information collected for the first time to solve the problem being studied
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Private Enterprise
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an economic system based on independent decisions by businesses and consumers with only a limited government role regulating those relationships
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Product Development
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development of the product over a course of time to compare and contrast certain aspects
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Product Life Cycle – Stages
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identifies the stages a product goes through from the time it enters the market until it is no longer sold
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Promotion
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any form of communication used to inform, persuade, or remind consumers about a company’s products or services
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Production
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the business function that creates or obtains products or services for sale
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Product Life Cycle
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life cycle of a product from its creation to its extent
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Profit Motive
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the use of resources toward the greatest profit for the producer regulating those relationships
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Psychographics
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people’s interests and values
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Random Sampling
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a procedure in which everyone in the population has an equal change of being selected in a sample
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Reference Group
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a group of people or an organization that an individual admires, identifies with, and wants to be a part of
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Self-Regulation
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taking personal responsibility for actions
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Scarcity
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the result of unlimited wants and needs combined with limited resources
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Selling
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direct, personal communications with prospective customers in order to asses needs and satisfy those needs with appropriate products and services
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Self-Concept
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an individual’s belief about his or her identity, image, and capabilities.
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Specialization of Labor
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concentrating effort on one thing or a few related activities so that they can be done well
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Standard of Living
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a measure of the quality of life for a country’s citizens
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Strategy
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a plan that identifies how a company expects to achieve its goals
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Storage
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the resources used to maintain information, including equipment and procedures, so that it can be used when needed
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Supply & Demand
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supply is how much there is and demand is how much is wanted
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Wants and Needs
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want is an unfulfilled desire, while a need is anything you require to live.
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Place Utility
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location
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Form Utility
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physical form
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Possession Utility
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way of possession to make available to customers
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Test Markets
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specific cities or geographic areas in which marketing experiments are conducted
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Time Utility
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time to increase availability to customers
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Value
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an individual view of the worth of a product or service
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Pure Competition
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the type of market in which many suppliers offer very similar products
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Target Market
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a clearly defined segment of the market to which a business wants to appeal
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SWOT Analysis
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strength, weaknesses, opportunity, threats

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