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118 Cards in this Set
- Front
- Back
Marketing
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organizational function and a set of processes for creating, communicating, and delivering value to the customers and for managing customer relationships in ways that benefit the organization and its stakeholders
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Exchange
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trade of things of value between buyer and seller so that each is better off after the trade
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Market
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people with both the desire and the ability to buy a specific product
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Target market
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one or more specific groups of potential consumers toward which an organization directs its marketing program
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Marketing mix
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the marketing manager's controllable factors - product, price, promotion, and place
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Environmental factors
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uncontrollable factors involving social, economic, technological, competitive, and regulatory forces
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Customer value
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unique combination of benefits received by target buyers that includes quality, price, convenience, on-time delivery, ad both before-sale and after-sale service
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Relationship marketing
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developing and maintaining effective customer relationships
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Marketing program
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plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
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Marketing concept
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idea that an organization should strive to satisfy the needs of customers while also trying to achieve the organization's goals
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Market orientation
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focusing efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value
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Customer relationship management
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process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace
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Societal marketing concept
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organizations should satisfy the needs of consumers in a way that provides for society's well-being
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Macromarketing
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the study of the aggregate flow of a nation's goods and services to benefit society
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Micromarketing
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how an individual organization directs its marketing activities and allocates its resources to benefit its customers
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Ultimate consumers
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people who buy and use goods and services purchased for a household
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Organizational buyers
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manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale
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Utility
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benefits or customer value received by users of the product
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Environmental scanning
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process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
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Social forces
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include demographic characteristics of the population and its values
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Demographics
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describing a population according to selected characteristics such as age, gender, ethnicity, and income
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Baby boomers
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generation of children born between 1946 and 1964
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Generation X
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includes the 15 percent of the population born between 1965 and 1976
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Generation Y
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72 million Americans born between 1977 and 1994
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Blended family
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one forged by the merging to a single household of 2 previously separate units
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Multicultural marketing
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combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races
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Culture
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incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group
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Value consciousness
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concern for obtaining the best quality, features, and performance of a product or service for a given price
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Economy
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pertains to the income, expenditures, and resources that affect the cost of running a business and household
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Gross income
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total amount of money made in one year by a person, household, or family unit
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Disposable income
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money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation
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Discretionary income
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money that remains after paying for taxes and necessities
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Technology
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refers to inventions or innovations from applied science or engineering research
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Marketspace
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an information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings
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Electronic commerce
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any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution and payment of goods and services
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Intranet
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Internet/web-based network used within the boundaries of an organization
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Extranets
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use Internet-based technologies and permit communication between a company and its supplier, distributors, and other partners
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Competition
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alternative firms that could provide a product to satisfy a specific market's needs
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Barriers to entry
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business practices or conditions that make it difficult for new firms to enter the market
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Regulation
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restrictions state and federal laws place on business with regard to the conduct of its activities
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Consumerism
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grassroots movement to increase influence, power and rights of consumers in dealing with institutions
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Self-regulation
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industry attempts to police itself
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Ethics
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moral principles and values that govern the actions and decisions of an individual or group
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Laws
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society's values and standards that are enforceable in the courts
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Caveat emptor
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let the buyer beware
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Consumer Bill of Rights
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codified the ethics of exchange between buyers and sellers; the right to safety, to be informed, to choose, and to be heard
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Economic espionage
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the clandestine collection of trade secrets or proprietary information about a company's competitors
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Code of ethics
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formal statement of ethical principles and rules of conduct
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Whistle-blowers
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employees who report unethical or illegal actions of their employers
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Moral idealism
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a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome
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Utilitarianism
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a personal moral philosophy that focuses on "the greatest good for the greatest number"
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Social responsibility
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the organizations are part of a larger society and are accountable to that society for their actions
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Green marketing
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marketing efforts to produce, promote, and reclaim environmentally sensitive products
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ISO 14000
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an initiative developed by the International Standards Organization which consists of worldwide standards for environmental quality and green marketing practices
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Cause marketing
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occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products
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Social audit
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a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility
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Sustainable development
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conducting business in a way that protects the natural environment while making economic progress
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Consumer behavior
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the actions a person takes in purchasing and using products and services
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Purchase decision process
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the stages a buyer goes through in making choices about which products and services to buy; includes problem recognition, information search, alternative evaluation, purchase decision, and postpurchase behavior
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Evaluative criteria
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represent both the objective attributes of a brand and the subjective ones you use to compare different products and brands
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Consideration set
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the group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware
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Cognitive dissonance
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feeling of postpurhcase psychological tension or anxiety
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Involvement
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the personal, social, and economic significance of the purchase to the consumer
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Situational influences
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all have an impact on your purchase decision process; the purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states
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Motivation
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the energizing force that stimulates behavior to satisfy a need
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Personality
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a person's consistent behaviors or responses to recurring situations
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Self-concept
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the way people see themselves and the way they believe others see them
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Perception
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the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world
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Subliminal perception
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you see or hear messages without being aware of them
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Perceived risk
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represents the anxieties felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences
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Learning
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refers to behaviors that result from repeated experience and reasoning
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Brand loyalty
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a favorable attitude toward and consistent purchase of a single brand over time
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Attitude
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a learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way
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Beliefs
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a consumer's subjective perception of how a product or brand performs on different attributes
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Lifestyle
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a mode of living that is identified by how people spend their time and resources
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Opinion leaders
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individuals who exert direct or indirect social influence over others
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Word of mouth
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the influencing of people during conversations
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Reference groups
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people to whom an individual looks as a basis for self-appraisal or as a source of personal standards
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Consumer socialization
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the process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers
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Family life cycle
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describes the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors
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Social class
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the relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped
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Subcultures
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subgroups within the larger, or national, culture with unique values, ideas, and attitudes
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Business marketing
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marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services they can produce and market to others
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Organizational buyers
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manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale
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Industrial firms
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reprocess a product or service they buy before selling it again to the next buyer
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Resellers
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wholesalers and retailers that buy physical products and resell them again without any reprocessing
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Government units
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federal, state, and local agencies that buy goods and services for their constituents
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North American Industry Classification System
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provides common industry definitions for Canada, Mexico, and the US, which makes easier the measurement of economic activity in NAFTA
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Derived demand
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the demand for industrial products and services is derived from demand for consumer products and services
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Organizational buying criteria
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objective attributes of the supplier's products and services and the capabilities of the supplier itself
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ISO 9000
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refer to standards for registration and certification of a manufacturer's quality management and assurance system based on an on-site audit of practices and procedures
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Reverse marketing
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deliberate effort by organizational buyers to build relationships that shape suppliers' products, services and capabilities to fit a buyer's needs and those of its' customers
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Reciprocity
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industrial buying practice in which two organizations agree to purchase each other's products and services
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Supply partnership
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a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services for the ultimate consumer
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Buying center
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share common goals, risks, and knowledge important to a purchase decision
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Buy classes
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types of buying situations
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Organizational buying behavior
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decision-making process that organizations use to establish the need for products, services and identify, evaluate, and choose among alternative brands and suppliers
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Make-buy decision
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an evaluation of whether components and assemblies will be purchased from outside suppliers or built by the company itself
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Value analysis
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systematic appraisal of the design, quality, and performance of a product to reduce purchasing costs
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Bidder's list
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list of firms believed to be qualified to supply a given item
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E-marketplaces
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online trading communities that bring together buyers and supplier organizations
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Traditional auction
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a seller puts up an item for sale and the would-be buyers are invited to bid in competition with each other
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Reverse auction
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a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other
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Marketing research
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the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
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Decision
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a conscious choice from among 2 or more alternatives
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Measures of success
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criteria or standards used in evaluating proposed solutions to a problem
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Constraints
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restrictions placed on potential solutions to a problem
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Sampling
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selecting representative elements from a population
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Probability sampling
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involves using precise rules to select the sample such that each element of the population has a specific known chance of being selected
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Nonprobability sampling
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using arbitrary judgments to select the sample so that the chance of selecting a particular element may be unknown or 0
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Statistical inference
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drawing conclusions about a population from a sample taken from that population
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Data
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the facts and figures related to the problem
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Secondary data
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facts and figures that have already been recorded before the project at hand
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Primary data
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facts and figures newly collected for the project
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Observational data
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facts and figures obtained by watching how people actually behave
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Questionnaire data
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facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors
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Information technology
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involves a computer and communication system to satisfy an organization's needs for data storage, processing, and access
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Data mining
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an extraction of hidden predictive information from large databases
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