MKT Final – Flashcard
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Advertising
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Nonpersonal promotional communication about goods, services, or ideas that is paid for by the firm identified in the communication.
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Advertising campaign
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A collection of coordinated advertisements that share a single theme.
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Affordable method
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A promotion mix budgeting strategy in which firms set their promotion budget based on what they believe they can afford.
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Allowances
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Trade promotions that typically involve paying retailers for financial losses associated with consumer sales promotions or reimbursing a retailer for an in - store or local expense to promote a specific product.
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Approach
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A part of the personal - selling process that involves meeting the prospect and learning more about his or her needs and wants.
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Click
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through rate (CTR) - A ratio showing how often people who see an ad end up clicking on it.
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Closing
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The point at which the salesperson asks the prospect for the sale.
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Cold calling
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The process of approaching unknown prospective customers or clients.
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Contests
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Sales promotions in which consumers compete against one another and must demonstrate skill to win.
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Cost per click (CPC)
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The amount the firm pays each time a customer clicks on an ad.
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Cost
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per - thousand impressions (CPM) - What the firm pays for a thousand views of its ad.
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Coupons
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Documents that entitle the customers who carry them to a discount on a product.
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Direct marketing
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Advertising that communicates directly with consumers and organizations in an effort to provoke a response.
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Informative advertising
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A type of advertising that attempts to develop initial demand for a product.
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Integrated marketing communications (IMC)
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A promotional strategy that involves coordinating the various promotion mix elements to provide customer with a clear and consistent message about a firm's products.
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Loyalty programs
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Sales promotions that allow consumers to accumulate points or other benefits for doing business with the same company.
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Mobile advertising
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A form of advertising that is communicated to the consumer via a handheld device.
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Narrowcasting
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The dissemination of information to a fairly small, select audience that is defined by its shared values, preferences, or demographic attributes.
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Objections
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The concerns or reasons customers offer for not buying a product.
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Objective
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and - task method - A promotion mix budgeting strategy in which a firm defines specific objectives, determines the tasks required to achieve those objectives, and then estimates how much each task will cost.
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Percentage
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of - sales method - A promotion mix budgeting strategy in which firms allocate a specific percentage of a period's total sales to the promotional budget for that period.
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Personal selling
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The two - way flow of communication between a salesperson and a customer that is paid for by the firm and seeks to influence the customer's purchase decision.
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Persuasive advertising
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A type of advertising that attempts to increase demand for an existing product.
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Preapproach
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A part of the personal - selling process that involves identifying key decision makers, reviewing account histories, identifying product needs, and preparing sales presentations.
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Product placement
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An advertising technique in which a company promotes its products through appearances on television shows, movies, or other media.
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Promotion
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All the activities that communicate the value of a product and persuade customers to buy it.
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Promotion mix
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A subset of the marketing mix that includes four main elements of marketing communication: advertising, sales promotion, personal selling, and public relations.
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Prospecting
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The search for potential customers - those who need or want a product and fit into a firm's target market.
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Publicity
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Disseminating unpaid news items through some form of media (e.g., television story, newspaper article, etc.) to gain attention or support.
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Public relations
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Nonpersonal communication focused on promoting positive relations between a firm and its stakeholders.
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Qualifying
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A part of the personal - selling process that involves identifying which potential customers within the firm's target market have not only a desire for the product but also the authority to purchase it and the resources to pay for it.
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Rebates
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Sales promotions that allow consumers to recoup a specified amount of money after making a single purchase.
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Relationship selling
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Building a trusting relationship with a customer over a long period of time.
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Reminder advertising
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A type of advertising that seeks to keep the product before the public in an effort to reinforce previous promotional activity.
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Sales presentation
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A forum to convey the organization's marketing message to the prospect.
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Sales promotion
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A set of nonpersonal communication tools designed to stimulate quicker and more frequent purchases of a product.
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Sweepstakes
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Sales promotions based on chance such that entry is the only requirement to win.
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Trade sales promotions
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Sales promotions directed to B2B firms, including wholesalers, retailers, and distributors - rather than individual consumers.
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Anticipative stock
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Inventory that is produced or purchased when a company expects something to occur in the future that will negatively affect stock availability.
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Container
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Steel boxes used to transport goods, usually internationally.
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Common carriers
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For - hire truck companies that sell their services to any business.
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Contract carriers
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For - hire truck companies that move goods exclusively for certain customers.
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Core carrier
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A strategy in which a firm selects a small number of carriers as opposed to using a large number of different carriers.
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Cyclical inventory
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Inventory a firm needs to meet average demand.
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Days of supply
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An estimate of how many days the firm's current inventory will last; calculated by dividing the inventory on hand by the average daily usage or sales.
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Distribution center (DC)
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A type of warehouse used specifically to store and ship finished goods to customers.
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Distribution channels (marketing channels)
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Intermediaries—wholesalers, distributors, and retailers—through which the flow of product travels.
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Enterprise resource planning (ERP) systems
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Data management systems that integrate information across all the departments of an organization.
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Intermodal transportation
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Using several types of transportation for the same shipment.
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Inventory carrying costs
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The costs required to make or buy a product, including risk of obsolescence, taxes, insurance, and warehousing space used to store the goods.
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Inventory turns
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The number of times a firm's entire inventory is sold and replaced; calculated by dividing the cost of goods sold by the company's average inventory.
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Just
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in - time (JIT) - A manufacturing process that seeks to make products based on customer orders rather than in anticipation of orders and to receive components from suppliers only when they are needed for production.
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Logistics
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That part of supply chain management that plans, implements, and controls the flow of goods, services and information between the point of origin and the final customer.
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Materials management
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The inbound movement and storage of materials in preparation for those materials to enter and flow through the manufacturing process.
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Obsolete inventory
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Inventory that can no longer be sold because the product has expired, been redesigned, was over - ordered, or is at the end of its product life.
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Personal buying
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When a purchasing manager buys items for the personal use of employees rather than for business use.
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Picking
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Retrieving materials from storage and bringing them to manufacturing to fulfill a production order, or retrieving finished goods from storage and preparing them for shipment to fulfill a customer order.
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Pipeline inventory
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Inventory that is in transit between suppliers and customers.
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Product accumulation
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Receiving goods from various suppliers, storing the goods until they're ordered by a customer or other company - owned facility, and consolidating orders to achieve transportation economies of scale.
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Product allocation
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Picking available goods to fill customer orders.
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Product assortment
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Mixing goods coming from multiple suppliers into outgoing orders so that each order includes a variety of goods rather than just one type of good.
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Product sortation
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Gathering goods with similar characteristics in one area of the distribution center to facilitate proper inventory controls and effectively provide customer service.
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Push
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pull strategy - A supply chain strategy in which the initial stages of the supply chain operate on a push system, but completion of the product is based on a pull system.
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Put
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away - Moving goods to their temporary or semipermanent storage location and updating inventory records.
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Reciprocity
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Purchasing goods and services from suppliers only if they buy from the purchasing manager's company.
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Seasonal stock
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The goods a firm sells only at certain times of the year.
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Stockout
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A situation in which a company does not have enough inventory available to fill an order.
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Supply chain
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A set of three or more companies directly linked by one or more of the upstream and downstream flows of products, services, finances, and information from a source to a customer.
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Supply chain management
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The actions the firm takes to coordinate the various flows within a supply chain.
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Supply chain orientation
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A management philosophy that guides the actions of company members toward the goal of actively managing the upstream and downstream flows of goods, services, finances, and information across the supply chain.
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Customer communication
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The two - way information flow between the firm and its customer.
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Customer equity
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A ratio that compares the financial investments a company puts into gaining and keeping customers to the financial return on those investments.
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Customer relationship management (CRM)
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The process by which companies get new customers, keep the customers they already have, and grow the business by increasing their share of customers' purchases.
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Customer satisfaction
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A state that is achieved when companies meet the needs and expectations customers have for their goods or services.
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Customer segmentation analysis
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A method of analyzing data that creates customer profiles and categorizes them.
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Customer service
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All of the activities a firm engages in to satisfy the needs and wants of its customers.
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Customer value
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The perceived benefits, both monetary and nonmonetary, that a customer receives from a product compared to the cost associated with obtaining it.
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Data mining
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A process that involves the computerized search for meaningful trends in a large amount of data.
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Dollar fill rate
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A metric that measures the value of goods shipped on time versus the total value of the order.
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Ease of doing business
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The amount of effort required on the part of a customer when dealing with a firm.
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Empowerment
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Giving employees permission to make decisions and take action on their own to help customers.
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Fill rate
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A metric that measures the percentage of an order shipped on time and complete.
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Item fill rate
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A metric that measures the percentage of the total number of items on the order that the firm shipped on time.
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Lifetime value analysis (LTV)
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A comparison of the costs of retaining customers and the costs of acquiring new customers with the goal of determining how much money each type of customer requires.
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Line fill rate
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A metric that measures the percentage of item types (SKUs) on the order shipped on time and complete.
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Marketing concept
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A marketing strategy that reflects the idea that a firm's long - term success must include a company - wide effort to satisfy customer needs and wants.
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On
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time delivery - A metric that measures how many shipments are delivered per the requested delivery date.
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Order cycle
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The total amount of time that elapses from the time a customer places an order until the time the product is delivered to the customer.
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Order cycle time
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A metric that measures the length of the order cycle, or the ability of the order system to react to customer orders.
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Perfect order rate
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A metric that measures how many orders have been filled, delivered, and billed without error.
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Predictive modeling
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Analysis that uses sophisticated algorithms based on patterns of previous buying behavior to try to determine the future actions of customers.
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Recency
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frequency - monetary analysis - A method of analyzing data that categorizes customers by their buying patterns.
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Relationship marketing
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A strategy that focuses on attracting, maintaining, and enhancing customer relationships, thus building brand loyalty.
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Reliability
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The company's ability to ensure that customers will receive a good or service within a stated lead time and that there will be no problems with the order.
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Responsiveness
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A metric that measures the firm's ability and willingness to provide fast service, answer customer inquiries, and resolve problems.
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Share of customer
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A measure of the quantity of purchase dollars each customer spends on the company's products.
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Timeliness
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The ability of a company to deliver a good or service by the time a customer expects to have it available for sale or consumption.
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Touch point
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Any point at which a customer and the company come into contact.
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Consumerism
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A movement made up of citizens and government entities that focuses on protecting consumers and promoting their interests.
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Corporate philanthropy
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The act of organizations voluntarily donating some of their profits or resources to charitable causes.
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Corporate social responsibility (CSR)
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An organization's obligation to maximize its positive impact and minimize its negative impact on society.
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Corporate volunteerism
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The policy or practice of employees volunteering their time or talents for charitable, educational, or other worthwhile activities, especially in the community.
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Environmentalism
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A movement of citizens, government agencies, and the business community that advocates the preservation, restoration, and improvement of the environment.
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Environmental regulations
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The laws designed to protect the natural environment against undue harm by individuals and organizations
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Ethics
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The moral standards expected by a society.
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Green market
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A group of sustainability oriented customers and the businesses that serve them.
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Quasi
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strategic greening - A type of environmental marketing activity that involves substantive changes in marketing actions as well as broad - based coordination among non - marketing activities.
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Stakeholder responsibility
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The obligations an organization has to those who can affect the achievement of its objectives.
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Strategic greening
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A type of environmental marketing activity that integrates and coordinates all of the firm's activities on environmental issues across every functional area.
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Sustainability
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A commitment to adopting a lifestyle that meets the needs of the present without compromising the ability of future generations to meet their own needs.
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Sustainable marketing
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The process of creating, communicating, and delivering value to customers in a way that recognizes and incorporates the concept of sustainability.
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Sustainable tourism
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The practice of recreational traveling in a way that maximizes the social and economic benefits to the local community and minimizes the negative impact on cultural heritage and the environment.
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Tactical greening
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A type of environmental marketing activity that involves implementing limited change within a single area of the organization.
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Which of the following is not an element of the marketing mix
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Internet Ordering
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What is the name of the promotional strategy that involves coordinating the various promotion mix elements to provide consumers with a clear and consistent message about a firms products
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integrated marketing communications
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The three primary objectives of an advertising campaign are
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to inform to persuade, and to remind
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The bulk of a firm's promotion budget is allocated to
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sales promotion activities
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A supply chain refers to
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the set of three or more companies directly linked by one or more of the upstream and downstream flows of products, services, finances, and information from a source to a customer
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which of the following statements regarding supply chain management is NOT true
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each channel within a supply chain acts independently of the other channels
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A company that forecasts sales, builds an inventory based on the forecast, holds the components in inventory until a customer order is received and then finalizes the product based on the order is using a
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push-pull strategy
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According to your text, the primary reason firms rely on inventory management is
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so that customer service wont suffer from lack of product in any given location
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Which of the following companies most likely has a philosophy that elevates customer service to the highest level
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a company that institutes a no-hassle, no-time limit return policy
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according to your text, which of the following is a major part of ease of doing business
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convenience
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according to your text, empowerment programs have the benefit of
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fostering employee satisfaction
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a business trying to determine which customers buy its products online versus going to its retail stores. by doing so, the firm is engaged in which step of the customer relationship management process
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understanding how customers interact
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corporate social responsibility refers to
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an organizations obligation to maximize its positive impact and minimize its negative impact on society
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the process of creating, communicating, and delivering value to customers in a way that recognizes and incorporates the concept of sustainability is referred to as
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sustainable marketing
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all of the following are ways in which a firm might be engaged in a sustainable marketing except
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making sure that production levels can cover the firm's costs
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when a firm redesigns its logo and reduces packaging materials to reflect its ecological views this is an example of
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quasi strategic greening
