-the activity for creating, communicating, delivering, & exchanging offerings that benefit an organization, it's stakeholders, & society at large.
-2 or more parties w. unsatisfied needs
-a desire & ability to be satisfied
-a way for the parties to communicate
-something to exchange
-describes the clear, broad, underlying industry or market sector of an organization's offerings.
-an organization looks at a set of organizations that sell similar business offerings--those in direct competition w. each other(ice cream business)
-an organization allocates its marketing mix resources to reach its target markets.
the process of continually requiring information on events occurring outside the organization to identify & interpret potential trends
-combinations of the marketing mix that reflect the unique attitudes, ancestry,communication preferences, & lifestyles of different races.
-in depth marketing research that allows an accurate understanding of each culture is essential
-large number of sellers
-place is important
-large number of sellers
-unique but sbstitutable products
-pricing is important
-a few large competitors
-promotion is key to achieve perceived product differentiation
-unique & unsubstitutable
-marketing mix is unimportant
consists of restrictions state & federal laws place on businesses w. regard to the conduct of their activities.
-exists to protect companies as well as consumers.
-ensures competition & fair business practices
-ethical but illegal (insider trading)
-ethical & legal (company recall)
-unethical & illegal (limited disclosure)
-unethical but legal (telelmarketing)
-societal culture & norms: ex-materialism vs. relationships
-business culture & industry practices: ex-bribes in eastern europe)
-corporate culture & expectation: ex-dress code changes
-each of the 5 purchase decision stages is used including considerable time & effort in the external information search
-exists in high-involvement purchase decisions (car)
-consumers typically seek some information or rely on a friend to help them evaluate alternatives
-purchase situations in which the customer has little time or effort to spend
-(toaster, going to the movies)
-little effort seeking external information & evaluating alternatives
-low priced, frequently purchased items
-(milk, toothpaste, bread)
-manufacturers, wholesalers, retailers, & government agencies that buy goods & services for their own use or for resale.
-buying objectives vary depending on the type of organization & its purpose.
-reprocess a product or service they buy before selling it again to the next buyer
-wholesalers & retailers that buy physical products & resell them again without any reprocessing
-things that represent ideas & concepts
-play an important role in cross-cultural analysis because different cultures attach different meanings to things
-belief that one's culture is superior to anothers
-impediment to global marketing
-producing goods in 1 country & selling them in another
-allows a company to make the least # of changes in terms of its product, organization, & even its corporate goals
-provides less local employment for host countries (downside)
-a company offers the right to a trademark, patent, trade secret, or other similarly valued items of intellectual property in return for a royalty or fee.
-franchising is a form of this
-entails a domestic firm actually investing in & owning a foreign subsidiary or division
-biggest commitment a company can make when entering the global market
-facts & figures that have already been recorded before the project at hand
-internal & external
facts & figures that are newly collected for the project
companies produce different lines of a product each targeted to a different market. -(two-tier marketing strategy)
-involves seeking a less competitive, smaller market niche in which to locate a brand.
-items used to assist in producing other goods & services
-includes installations, accessory equipment, & industrial services
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