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Sales-Orientation Relational Orientation
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Based on the philosophy that buyers and sellers should develop a long-term relationship. Depended on heavy doses of personal selling and advertising.
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Market- Orientation Production- Orientation
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Concerned with product innovation, not with satisfying the needs of individual consumers; believed that a good product would sell itself Focus on what consumers wanted and needed before they designed, made, or attempted to sell their products and services.
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Place Price
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Everything a buyer gives up (money, time, and energy) in exchange for a product. Represents all the activities (supply chain management) necessary to get the product to the right customer when the customer wants it.
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Market- Orientation Promotion
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Communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit a response. Consumers have choices, enabling them to make purchasing decisions on the basis of factors such as quality, convenience, and price.
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1. Firm’s target market 2. Related marketing mix (4 P’s) 3. Bases to build sustainable competitive advantage Marketing Strategy
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Outlines the specific actions a firm intends to implement to appeal to potential customers. Marketing strategy identifies:
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Marketing Plan Planning, Implementation , and Control
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Three major phases of the marketing plan. Everyone involved knows what the overall objectives for the firm are and how they are going to meet; provides a reference point for evaluating whether or not a firm met its objectives.
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SWOT Analysis Strategic Business Unit (SBU)
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A division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives. Conduct a situation analysis (second step in a marketing plan).
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Experience Curve Marketing Myopia
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Focuses on the needs of the firm instead of defining the firm and its products in terms of the customers’ needs and wants. Many firms expect the unit cost to drop significantly as the accumulated volume sold increases.
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Experience Curve Experience Curve
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As sales continue to grow, the costs continue to drop, allowing even further reductions in price.
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