business 351

marketing the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large exchange people giving up something in order to receive something they would rather have production orientation a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace sales orientation the ideas that people will...

Promotional Mix 1) advertising 2) public relations 3) sales promotions 4) personal selling 5) social media promotion Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response promotional strategy a plan for the optimal use of the elements of promotion to elicit a particular response; main goal is to convince buyers that the products offer competitive advantage advertising mass c...

Define supply chain management. coordinate and integrate all activities performed by supply chain members into a process, from source to the point of consumption, resulting in enhanced customer and economic value Why is it important for supply chain management to understand supply and demand? -it will enable managers to optimize decisions, reduce waste, and respond quickly to sudden change in supply chain Define supply chain agility. operational strategy inducing inventory veloc...

marketing the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large exchange people giving up something in order to receive something they would rather have production orientation a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace sales orientation the ideas that people will...

simulated (laboratory) market testing the presentation of advertising and other promotional materials for several products, including a test product, to members of the products target market commercialization the decision to market a product innovation a product perceived as new by a potential adopter simultaneous product development a team-oriented approach to new-product development development the stage in the product development process in which a prototype i...

marketing the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large exchange people giving up something in order to receive something they would rather have production orientation a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace sales orientation the ideas that people will...

Importance of services to the economy - 55% of all US GDP - 10 out of 11 service sectors increased their revenue last year - Largest gains from Internet and Broadcasting: Google Facebook, Pandora, Spotify, SiriusM --- Interpublic Group - One of the largest How services differs from groups - Intangible - Inseparable - Heterogeneous - Perishable Intangible --- Services cannot be touched, seen, tasted, heard, or felt in the same way as goods. Tangible cues are often used to c...

star Fast growing market leader cash cow Generates more cash than it needs to maintain its market share. In a low growth market, but product has dominant market share question mark Shows rapid growth but poor profit margins. Low market share in high growth industry dog Low growth potential and a small market share SWOT Analysis Identifying internal strengths and weaknesses and also examining eternal opportunities and threats Penetration same products for ...

Production Orientation A philosphy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace Sales Orientation People will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits Market Orientation Social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives Societal Marketi...

Marketing The activity for creating communicating delivering and exchanging offerings that have value for customers. exchange people giving up something in order to receive something else they would rather have. 5 conditions of exchange 1. two parties 2. each party has something of value to the other 3. each party is capable of communication and delivery 4. each party is free to accept or reject an offer. 5. each party believes it is appropriate or desirable to deal with the...