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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
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Relationship Marketing
establishing long-term, mutually satisfying buyer-seller relationships
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Customer Relationship Management (CRM)
using information about customers to create marketing strategies that develop and sustain desirable customer relationships
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Customer Lifetime Value
a combination of purchase frequency, average value of purchases, and brand-switching patterns over the entire span of a customer's relationship with a company
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Utility
the ability of a good or service to satisfy a human need
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Form Utility
utility created by converting production inputs into finished products
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Place Utility
utility created by making a product available at a location where customers wish to purchase it
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Time Utility
utility created by making a product available when customers wish to purchase it
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Possession Utility
utility created by transferring title (or ownership) of a product to a buyer
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Marketing Concept
a business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allows the firm to achieve it's objectives
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Market
a group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase such products
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Marketing Strategy
a plan that will enable an organization to make the best use of it's resources and advantages to meet it's objective
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Marketing Mix
a combination of product, price, distribution, and promotion developed to satisfy a particular target market
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Target Market
a group of individuals or organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group
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Undifferentiated Approach
directing a single marketing mix at the entire market for a particular product
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Market Segment
a group of individuals or organizations within a market that shares one or more common characteristics
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Market Segmentation
the process of dividing a market into segments and directing a marketing mix at a particular segment rather than at the total market
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Marketing Plan
a written document that specifies an organization's resources, objectives, strategy, and implementation and control efforts to be used in marketing a specific product or product group
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Sales Forecast
an estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of marketing effort
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Marketing Information System
a system for managing marketing information that is gathered continually from internal and external sources
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Marketing Research
the process of systematically gathering, recording, and analyzing data concerning a particular marketing problem
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Buying Behavior
the decisions and actions of people involved in buying and using products
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Consumer Buying Behavior
the purchasing of products for personal or household use, not for business purposes
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Business Buying Behavior
the purchasing of products by producers, resellers, government units, and institutions
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Personal Income
the income an invidual receives from all sources less the Social Security taxes the individual must pay
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Disposable Income
personal income less all additional personal taxes
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Discretionary Income
disposable income less savings and expenditures on food, clothing, and housing
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