MKTG 370 – Flashcard
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Marketing Plan
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How the product will be designed How much it will cost Where and how it will get to the customer
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Exchange
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Trade of things of value between two unsatisfied parties
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Marketing Mix: 4 P's
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1. Product: create value, satisfy needs 2. Price: Capture value. customers and producer agree on price 3. Place: Delivering value. able to find each other 4. Promotion: communicating value, present message
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Production-Oriented Era
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The belief that a good product will sell on own. Not concerned with consumer's desires, but rather with innovation. ex: ford
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Sale-Oriented Era
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People sold to each other because supply was greater than demand. -followed WWII 1945-1960s -need to PUSH the product
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Market-Oriented Era
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Turn focus to what consumers want 1960s and forward -CRM
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Value Co-Creation
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customization of products ex: Nike ID
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How do marketing firms become more value driven?
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1. sharing information 2. balancing benefits with costs 3. building relationships
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Importance of Marketing
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-build relationships -sell products -expands firm's global presence
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Examples of "A" marketing
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1. got milk? 2. bottled water 3. christopher columbus 4. independence day
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Sustainable Competitive Advantage:
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Advantage over competition that cannot be easily copied
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What is a marketing strategy?
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1. firm's target market 2. related marketing mix 3. basis on which firm plans to build sustainable competitive advantage
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Marketing Goals
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1. Profit maximization 2. market share 3. sales 4. performance/quality 5. innovation 6. satisfaction 7. loyalty levels 8.social responsibility
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4 macro strategies that focus on aspects of marketing mix
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1. customer excellence 2. operational excellence 3. product excellence 4. locational excellence
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Customer Excellence
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CRM, maintain loyalty
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Operational Excellence
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acheived through efficient operations. get customers what they want, when they want at a lowered price
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Product excellence
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best quality
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Locational excellence
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good physical and internet location
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The Marketing Plan
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Written document composed of analysis of current marketing situation 1. Planning 2. Implementation 3. Control
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Why do companies some times not write down the marketing plan?
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Unorganized!
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The Steps in Marketing Plan:
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1. Define the business mission 2. SWOT analysis 3. Identify opportunities Segmentation Targeting Positioning 4. Implement the marketing mix 5. Evaluate the Performance using marketing metrics
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Growth Options
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1. Market Penetration: existing marketing mix, current segment 2. Market development: Existing marketing mix to reach new segments 3. product development: new product, current segment 4. diversification: new and new!
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Market Penetration
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Increase consumption, more frequently. existing marketing mix old and related users
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Market Development
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expansion into new markets with essentially the same product 1. Domestic Markets 2. Foreign Markets
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Product Development
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-more difficult than market development -manager already knows the market -different products
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Diversification
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New product and new market segment -difficult to implement
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Related Diversification
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current target market shares something in common with new opportunity
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Unrelated
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Blind, risky
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Portolio Analysis
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based on a. potential growth in category b. related market share the WHOLE Industry, not just your company
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Stars
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high growth and high market share. first into market will be the star until new entrant
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Cash Cows
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low growth, high market -doesnt have to do alot of work -do have to pay attention -must have cash cows to fund new products
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Dogs
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low-growth markets and have low market shares
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Question marks
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low market share, high market growth -potential -problem child
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The immediate environment
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a. company capabilities b. competitors: understanding c. corporate partners: colaborate with other parties
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The Macroenvironmental factors
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1. Culture 2. Demographics 3. Social trends 4. Technology 5. Economic situation 6. Political environment
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semi-controllable factors
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target market- once selected, difficult to change
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uncontrollable factors
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-macroenvironmental: the marketplace @ large -microenvironmental: the industry in which you compete -controllable factors: the market mix: four p's.
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The most ethically diverse of all nations
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USA
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Microenvironment:
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a. nature of the firm b. suppliers c. vendors d. competition
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How many puppies vs. babies?
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5 M puppies born annually 4M babies born annually
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Worst and best business state
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#50= CA #1 TX
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Most ethically diverse city
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LA
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Cardinal Value
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most important value in your culture USA= FREEDOM
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Need to be _____ rather than REactive
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PROactive
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Baby carriages represent an opportunity presented by
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New laws. ADA
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Consumer Decision Process
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Represents steps that consumers go through while making purchases 1. Need recognition 2. Search for information 3. Evaluation of Alternatives 4. Shopping Behavior 5. Postpurchase
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Two types of information search
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Internal: prior knowledge and past experiences External: search for it or talk to other people
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Actual or Percieved Risk (5 types)
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1. Performance Risk 2. Financial 3. Social 4. Physiological 5. Psychological
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Attribute Set
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Consumers organize alternatives to aid decision process
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Universal Set
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All choices
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Retrieval Sets
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Sets you already know
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Evoked Set
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The alternative set you consider when making a choice
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Compensatory
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consumer is willing to trade off one characteristic against another
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Non-compensatory
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when one factor is the most important
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Post-purchase (3 possible outcomes)
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1. Customer satisfaction (build realistic expectations, not too high, not too low) 2. Post purchase cognitive dissonance: buyer's remorse 3. Customer Loyalty: build strong relationship
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Factors that influence the consumer decision process
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-Psychological factors -social factors -situational factors -marketing mix
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Temporal State
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State of mind we are in when we go shopping
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B2b Marketing:
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-Refers to buying and selling goods between companies (manufacturers to wholesellers) -also sell to institutions and governments
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Types of B2B marketing
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1. Manufacturers and service providers 2. Resellers 3. Institutions 4. Government (one of largest purchases)
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B2b Buying Process
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1. Need Recognition 2. Product Specification 3. RFP process (proposals) 4. Proposal analysis, vendor negotiation and selection 5. Order Specification: the firm places its order with preferred supplier 6. Vendor Performance Assessment using metrics
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Initiator
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the person who suggests buying
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influencer
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the person whose views influence other members of the buying center in financial decisions
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Decider
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the person who ultimately any part of the buying
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Buyer
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the person who handles the paper work
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user
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the person who consumes the product
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gatekeeper
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the person who controls information or access
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4 Types of buying centers
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1. autocratic: one person 2. democratic: majority rules 3. consultative: buying centers use one person to make decision but solicit others 4. Consensus: all members must reach an agreement
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The buying situation
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1. New buy 2. Modified Rebuy 3. Straight Rebuy New buy is the most difficult to market
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Buying Center Positions
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1. Initiator 2. Influencer 3. decider 4. buyer 5. user 6. gatekeeper
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Firms that are _______ recognize that including a strong social orientation in business is a sound strategy that is in the best interest of both the firm and its customers.
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socially responsible
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The goal of a marketing exchange is that the parties to the transaction be
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satisfied
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A group that sponsors bike helmet poster contests for children to promote bicycle safety is providing which of the following marketing offerings?
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Idea
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Which of the following marketing mix variables is involved in the capture of value in the marketing exchange?
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Price
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Which marketing mix element deals specifically with retailing and marketing channel management?
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Place
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Which of the following represents the three major phases of a marketing plan?
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Planning, implementation and control
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When a firm considers its overall objectives and considers the type of business it is in, it is engaged in which of the following steps of the marketing planning process?
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Defining the mission
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To evaluate the effectiveness or performance of a marketing strategy, firms typically use
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Marketing Metrics
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A _______ is a measuring system that quantifies a trend, dynamic, or characteristic and is used by marketers to help explain why things happened and also to predict the future.
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metric
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Which of the following is a marketing metric that might be used to evaluate the performance of a company's implementation of its marketing plan?
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Gross Margin
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Which of the following is not a demographic listed in your text that would typically be used to identify consumer markets?
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Religion
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Digital natives?
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Gen Z
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_____, also known as Millennials, constitutes more than 60 million members in the United States alone and were born between 1977 and 2000.
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Gen Y
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The first generation of "latchkey" children, known as _____, includes those born between 1965 and 1976.
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Gen X
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Which of the following best describes the current income distribution in the United States? A. Income distribution has become evenly distributed. B. Income between the highest-income and lower-income groups has grown more polarized. C. The purchasing power of all income groups has grown steadily over the past decade. D. The middle class has outpaced all other income groups. E. The number of high-income earners has fallen sharply.
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B
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Which of the following laws was passed to prohibit monopolies and other activities that would restrain trade or competition, as well as make fair trade within a free market a national goal? A. 1914 Clayton Act B. 1890 Sherman Antitrust Act C. 1936 Robison-Patman Act D. 1938 Wheeler-Lea Act E 1914 Federal Trade Commission Ac
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B
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External agencies and government bodies publish safety ratings for cars to help consumers alleviate _____ risk.
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Physiological
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The salient or important attributes about a particular product that a consumer bases his or her product evaluation on are called
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evaluative criteria
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Maslow's Hierarchy of needs
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1. physiological 2. safety 3. love 4. esteem 5. cognitive 6. aesthetic needs 7. self actualization
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Roberta works out at a health club, goes to yoga classes, and reads magazines about women's health to satisfy her inner desires. Which of Maslow's needs is Roberta fulfilling?
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Esteem
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What are the three components that make up a person's attitude?
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Cognitive, affective, behavioral
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In B2B markets, _____ are firms that buy and reprocess products and services before selling them again to the next buyer.
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manufacturers
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Although social media are used to build relationships in B2B contexts, the majority of B2B marketers use _____ for their marketing efforts.
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white papers
