0_Wizard
Marketing refers to the study of exchange relationships.
Marketing is the study and management of exchange relationships.
chosen_Marketing_0
Marketing
chosen_topic_0_Marketing
Leader–member exchange theory
The leader–member exchange (LMX) theory is a relationship-based approach to leadership that focuses on the two-way (dyadic) relationship between leaders and followers. It suggests that leaders develop an exchange with each of their subordinates, and that the quality of these leader–member exchange relationships influences subordinates' responsibility, decisions, and access to resources and performance. Relationships are based on trust and respect and are often emotional relationships that extend beyond the scope of employment. Leader–member exchange may promote positive employment experiences and augment organizational effectiveness.
Relationship marketing
Relationship marketing was first defined as a form of marketing developed from direct response marketing campaigns which emphasizes customer retention and satisfaction, rather than a focus on sales transactions. Relationship marketing differs from other forms of marketing in that it recognizes the long term value of customer relationships and extends communication beyond intrusive advertising and sales promotional messages. With the growth of the internet and mobile platforms, relationship marketing has continued to evolve as technology opens more collaborative and social communication channels.
Gift economy
A gift economy, gift culture, or gift exchange is a mode of exchange where valuables are not traded or sold, but rather given without an explicit agreement for immediate or future rewards. This contrasts with a barter economy or a market economy, where goods and services are primarily exchanged for value received. Social norms and custom govern gift exchange. Gifts are not given in an explicit exchange of goods or services for money or some other commodity. The nature of gift economies forms the subject of a foundational debate in anthropology. Anthropological research into gift economies began with Bronisław Malinowski's description of the Kula ring in the Trobriand Islands during World War I.
Marketing
Marketing is the study and management of exchange relationships. Marketing is used to create, keep and satisfy the customer. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being Innovation. Marketing is defined by the American Marketing Association as ""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."" The term developed from the original meaning which referred literally to going to market with goods for sale.
Target audience
A target audience is the intended audience or readership of a publication, advertisement, or other message. In marketing and advertising, it is a particular group of consumers within the predetermined target market, identified as the targets or recipients for a particular advertisement or message. Businesses that have a wide target market will focus on a specific target audience for certain messages to send, such as The Body Shops Mother's Day advertisements, which were aimed at the children and spouses of women, rather than the whole market which would have included the women themselves. A target audience is formed from the same factors as a target market, but it is more specific, and is susceptible to influence from other factors.
Trait activation theory
Trait activation theory is a personality theory of work performance based on the concept of trait activation, that is derived from an integration of trait theory, situationism, and personality-job fit theory. "Trait theory" is a psychological approach that includes studying personality traits as relatively stable individual differences that describe general predispositions or predictable common patterns of thinking and experiencing emotions that influence behavior. In fact, personality traits have been associated with important life outcomes (see Personality and life outcomes). The most well-known description or categorization of personality traits is called the "Big Five personality traits" which includes five broad personality dimensions: conscientiousness, extraversion, agreeableness, openness, and neuroticism (or emotional stability).
Power distance
Power distance is the extent to which the lower ranking individuals of a society "accept and expect that power is distributed unequally". It is primarily used in psychological and sociological studies on societal management of inequalities between individuals, and individual's perceptions of that management. People in societies with a high power distance are more likely to conform to a hierarchy where "everybody has a place and which needs no further justification". In societies with a low power distance, individuals tend to try to distribute power equally. In such societies, inequalities of power among people would require additional justification.
1_Apprentice
what is the main goal of marketing?
0_Wizard
To create and satisfy the customer to purchase goods.
Marketing is used to create, keep and satisfy the customer.
chosen_Marketing_0
Marketing
chosen_topic_0_Marketing
Retail
Retail markets and shops have a very ancient history, dating back to antiquity. Over the centuries, retail shops were transformed from little more than "rude booths" to the sophisticated shopping malls of the modern era. Retailing involves the process of selling consumer goods or Services to customers through multiple channels of distribution to earn a profit. Retailers satisfy demand identified through a supply chain. Some of the earliest retailers were itinerant peddlers. The term "retailer" is typically applied where a service provider fills the small orders of a large number of individuals, who are end-users, rather than large orders of a small number of wholesale, corporate or government clientele.
Consumer behaviour
Consumer behaviour is the study of individuals, groups, or organizations and all the activities associated with the purchase, use and disposal of goods and services, including the consumer's emotional, mental and behavioural responses that precede or follow these activities. Consumer behaviour emerged in the 1940s and 50s as a distinct sub-discipline in the marketing area. Consumer behaviour is an inter-disciplinary social science that blends elements from psychology, sociology, social anthropology, ethnography, marketing and economics, especially behavioural economics. It examines how emotions, attitudes and preferences affect buying behaviour.
Touchpoint
A touchpoint can be defined as any way a consumer can interact with a business, whether it be person-to-person, through a website, an app or any form of communication (“Touchpoint Glossary”, n.d.). When consumers come in contact with these touchpoints it gives them the opportunity to compare their prior perceptions of the business and form an opinion (Stein, & Ramaseshan, 2016). Touchpoints in marketing communications are the varying ways that a brand interacts and displays information to prospective customers and current customers. Touchpoints allow customers to have experiences every time they “touch’ any part of the product, service, brand or organization, across multiple channels and various points in time (Pantano and Milena, 2015 and Zomerdijk and Voss, 2010).
Operations management for services
Operations management for services has the functional responsibility for producing the services of an organization and providing them directly to its customers. It specifically deals with decisions required by operations managers for simultaneous production and consumption of an intangible product. These decisions concern the process, people, information and the system that produces and delivers the service. It differs from operations management in general, since the processes of service organizations differ from those of manufacturing organizations. In a post-industrial economy, service firms provide most of the GDP and employment.
Credit card
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus the other agreed charges. The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. In other words, credit cards combine payment services with extensions of credit. Complex fee structures in the credit card industry may limit customers' ability to comparison shop, help ensure that the industry is not price-competitive and help maximize industry profits.
Sales taxes in the United States
Sales taxes in the United States are taxes placed on the sale or lease of goods and services in the United States. In the United States, sales tax is governed at the state level and no national general sales tax exists. Forty-five states, the District of Columbia, Puerto Rico, and Guam impose general sales taxes that apply to the sale or lease of most goods and some services, and states also may levy selective sales taxes on the sale or lease of particular goods or services. States may also delegate to local governments the authority to impose additional general or selective sales taxes. Since January 2017, 5 states (Alaska, Delaware, Montana, New Hampshire and Oregon) do not levy a statewide sales tax, while California has the highest state sales tax with a base rate of 7.25%.
Online shopping
Online shopping is a form of electronic commerce which allows consumers to directly buy goods or services from a seller over the Internet using a web browser. Consumers find a product of interest by visiting the website of the retailer directly or by searching among alternative vendors using a shopping search engine, which displays the same product's availability and pricing at different e-retailers. As of 2016, customers can shop online using a range of different computers and devices, including desktop computers, laptops, tablet computers and smartphones. An online shop evokes the physical analogy of buying products or services at a regular "bricks-and-mortar" retailer or shopping center; the process is called business-to-consumer (B2C) online shopping.