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Marketing Unit 2.00 Essay

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Selling
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Give or hand over (something) in exchange for money.
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Manufacturer
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A person or company that makes goods for sale.
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Retailer
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Involves the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. Demand is identified and then satisfied through a supply chain.
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Entrepreneurs
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A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
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Intermediaries
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A person who acts as a link between people in order to try to bring about an agreement or reconciliation; a mediator.
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Want
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Have a desire to possess or do (something); wish for.
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Economic Flow
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The circular flow of income is a neoclassical economic model depicting how money flows through the economy.
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Ethics
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Moral principles that govern a person’s or group’s behavior.
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Selling-activity policies
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Guidelines for selling activities that involve interaction with customers or potential customers.
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Products
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An article or substance that is manufactured or refined for sale.
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Feature
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A distinctive attribute or aspect.
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Goods
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Items purchased to satisfy needs and wants
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Wholesaler
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The selling of goods in large quantities to be retailed by others.
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Tangible
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Can be touched
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Ultimate consumption
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Achieved by some goods and services being sold directly to consumers.
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Selling skills
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Ability to get people to buy something
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Need
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Basic requirement for survival
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Utility
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Usefulness
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Terms-of-sale policies
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Guidelines covering aspects of a sale with which customers are usually most concerned, through price, delivery, credit, discount, and guarantee policies.
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Benefit
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Advantage
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Services
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Actions or activities that one person performs for another
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Resale
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1- reasonable notification to debtor, surties, and secured parties/filing statemen
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Intangible
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Not material
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Economy
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A system for producing and distributing goods, and services to fulfill people’s wants
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Product Knowledge
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Managers must comprehend such factors as technological trends, customer needs, and competitive forces affecting the goods the firm produces and sells
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Selling policies
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General rules established by management to guide the personal selling effort and outline how things must be done.
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Sales presentation
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A formal meeting in which the salesperson presents a sales proposal to a prospective buyer
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Service policies
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Designed to govern the support a company provides to customers after the sale.
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Positioning
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Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
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Slogan
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a short, catchy phrase that conveys an important idea
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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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Determinant factor
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something the target market really cares about, something that makes a big difference to them
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Benefits
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part of an employee’s compensation over and above wages or salary
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Performance
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How well a task is completed
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Durability
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Ability of an item to last a long time
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Reliability
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Consistency
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Repairability
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ease of fixing a problem with the product, as part of the product evaluation process
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Manufacturing or creation process
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The act of producing or causing to exist
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Quality
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how good or bad something is
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Competence
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having enough skills to do something
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Training
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A planned effort to facilitate the learning of job-related knowledge, skills, and behavior by employees.
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Responsiveness
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the ability to provide prompt service
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Communication
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A process through which you send messages to and receive messages from others.
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Courtesy
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Politeness originating in kindness and exercised habitually.
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Endorsements
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Is a person’s public expression of approval or support for a product or service
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Brand
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All the combined impressions and experiences associated with a particular company, good, or service.
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Brand Ambassadors
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Individuals, usually employees, who communicate the company’s values, vision, and personality to those they have contact with
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Brand Champion
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The person in a business who is responsible for making the brand come alive and for sustaining it; usually the business owner, president, or CEO
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Brand Cues
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Elements that remind customers and employees of brands and their values
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Brand Erosion
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The deterioration or destruction of a corporate or product brand
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Brand Identifiers
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Company or product names and logos
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Brand Identity
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Those elements that are instantly recognized as representing a particular business or product
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Brand Image
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Impressions of a corporate brand within customers’ minds which represent what the brand stands for
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Brand Insistence
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The stage of brand loyalty in which consumers insist upon buying a specific brand
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Brand Licensing
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The legal authorization by a brand owner to allow another company to use the brand in exchange for a fee
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Brand Loyalty
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Customers’ allegiance to a particular brand
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Brand Mark
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A distinctive symbol, design, sound, or group of letters which is seen or heard but cannot be spoken
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Brand Name
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That part of brand identity that can be spoken, including words, phrases, letters, numbers, or any combination of these
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Brand Personality
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The projection of a brand that encompasses its values and emotional connections with consumers. How your brand would behave or a detailed personal profile of your business in order to create and maintain an emotional connection with your customers
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Brand Positioning
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A branding strategy in which marketers create a certain image or impression of a brand as compared to those of competitors’ brands
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Brand Preference
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The stage of brand loyalty in which consumers prefer to purchase a certain brand but will accept substitutes if the brand is not available
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Branded Product
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An item that features only the logo of the manufacturer and not another company’s trademark
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Brand Promise
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A business’s agreement (spoken or unspoken) with customers that it will consistently meet their expectations and deliver on its brand characteristics and values
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Brand Recognition
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The stage of brand loyalty in which consumers are made aware of a brand’s existence
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Brand Strategies
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The actions a business takes with a brand in order to accomplish its goals
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Brand Symbol
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A business’s distinctive logo, design, or group of letters that cannot be spoken but are used to establish brand identity; often used in conjunction with a brand name.
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Brand Value
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A brand’s worth in terms of income, potential income, and prestige
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Brand Values
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Core values; beliefs or qualities that a corporate brand stands for and is built around
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Branding
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The ongoing decision-making process about the use of brands
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Customer Experience Management
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The strategies, processes, and policies a business uses to meet or exceed customer expectations and to provide customers with outstanding experiences at every touch point
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Mission Statement
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A brief summary of what a business owner wants a business to be doing
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Post-Purchase Touch Points
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All the opportunities that businesses have after sales transactions to connect with customers and reinforce their brand values
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Pre-Purchase Touch Points
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All the opportunities that businesses have before sales transactions to connect with customers and reinforce their brand values
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Purchase Touch Points
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All the opportunities that businesses have during sales transactions to connect with customers and reinforce their brand values
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Touch Points
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All the opportunities which businesses have to connect with customers and reinforce their brand value
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Trademark
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Legal method for protecting brands from misuse externally; represented by the registration mark (®), TM trademark (™), or (sm) service mark
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U.S. Patent and Trademark Office
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Office of the federal government responsible for issuing, administering, and enforcing U.S. patents and trademarks
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Vision statement
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A summary of what a business owner wants a business to become