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Communication
A process in which participants create and share information with one another to reach a mutual understanding
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Communication Channel
The means by which messages get from one individual to another
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Diffusion
The process by which an innovation is communicated through certain channels over time among the members of a social system
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Innovation
An idea, practice, or object that is percieved as NEW by an individual or other unit of adoption
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Market
Consists of all the potential customers sharing a particular need/want who might be willing and able to engage in exchange to satisfy that need/want
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Marketing
A social and managerial process by which individuals and groups obtain what they need/want through creating, offering and exchanging products of value with others
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Marketing Management
The process of planning and executing the conception, pricing, promotion, and distribution of products to create exchanges with target groups that satisfy the customer aand organizational objectives
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Market Segmentation
- A process of reducing larger groups or markets into smaller subdivisions who share a particular want/demand
- IDENTIFIABLE
- MEASURABLE
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Ways to segment markets
- Demographics (age)
- Geographics (location)
- Behavioral (preference)
- Psychographic (personality)
- Benefits
- Time
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Target Marketing
focuses on a specific segment, may use multiple segments
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Marketing Mix
The combination/relationship between the selected target markets and the appropriate marketing mix
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4 P's
- Promotion
- Place
- Price
- Product
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Diffusion
Customers grouped together according to how quickly they adopt a new product
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4 key elements of diffusion
- Innovation
- Social System
- Communication
- Time
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Innovators
Well informed risk takers who are willing to try an unproven product. 2.5%
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Early Adopters
Based on the positive response form innovators, they begin to purchase a product. Educated opinion leaders. 13.5%
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Majority
Careful consumers that tend to avoid risk. Purchase product once it has been proven by the early adopters. Rely on recomendations. 34%
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Late Majority
Somewhat skeptical consumers. Only purchase product after it has become common place. 34%
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Laggards
consumers who resist change. May not purchase product until traditional alternatives are no longer available. 16%
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4 stages of product lifestyle
- Introduction
- Take off/Growth
- Maturity
- Decline
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