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108 Cards in this Set
- Front
- Back
Definition of Exchange
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Trade of things of value between the buyer and seller so that each is better off.
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1. The first objective in marketing.
2. Find out what consumers need or want. |
Discovering needs
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People with desire and ability to buy a specific offering.
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Market
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Specific group of potential consumers toward which an organization directs its marketing program.
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Target Market
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The marketing manager's controllable factors - product, price, promotion, and place- that can be used to solve a marketing problem
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Marketing Mix.
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What are environmental forces?
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uncontrollable social, economic, technological competitive, and regulatory foces.
That affect the results of a marketing decision. |
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the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to acheive the organization's goals.
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Marketing Concept
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What is social responsibility?
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the idea that individuals and oganizations are accountable to a larger society.
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Marketing creates ________, the benefits or customer value received by users of the product.
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Utility
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What are the four different utilities?
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Form
Place Time Possession |
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The production of the good or service constitutes ________
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form utility
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__________ means having the offering available where consumers need it.
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place utility
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_______ means having the offering available when needed.
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time utility
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________ is the value of making an item easy to purchase through the provision of credit card or financial arrangements.
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possession utility
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Definition of profit
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reward to a business firm for the risk it undertakes in marketing its offerings
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an organization's long-term course of action that delivers a unique customer experience while acheiving its goals.
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strategy
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The fundamental passionate, and enduring principles that guide an organization
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Core Values
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A statement or vision of an organization's function in society.
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mission
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Set of values, ideas, attitudes, and behavioral norms that is learned and shared among the members of an organization.
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Organizational Culture
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Ratio of a firm's sales to the total sales of all firms in the industry, including the firm itself.
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Market Share
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_________ refers to a subsidiary, division, or unit of an organization that markets a set of related offerings clearly defined group of customers.
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Strategic Business Unit (SBU)
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What is a key role of the marketing department?
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To look outward, keeping the organization focused on creating value both for it and for customers.
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a unique strength relative to competitors, often based on quality, time, cost, or innovation.
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Competitive advantage
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A consumer's ability to buy is related to ______?
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Income
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What is gross income?
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The total amount of money made in one year by a person, household, or family unit.
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What is disposable income?
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the money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation.
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What is discretionary income?
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the money that remains after paying for taxes and necessities. Used for luxury items.
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________refers to the alternative firms that could provide a product to satisfy a specific market's needs.
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Competition
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What is pure competition?
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every company has a similar product.
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the many sellers compete with their products on a substitutable basis.
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Monopolistic competition
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occurs when a few companies control the majority of industry sales.
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oligopoly
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What is pure monopoly?
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occurs when only one firm sells the product.
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Moral principles and values that govern the actions and decisions of an individual or a group is what?
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Ethics
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Society's values and standards that are enforceable in the courts is what?
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Laws
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Codified the ethics of exchange between buyers and sellers, including rights to safety, to be informed, to choose, and to be heard.
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Consumer's bill of rights
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What are the two most common unethical behaviors in business?
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Economic espionage
Bribery |
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What are the 5 stages of the purchase decision process?
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1. problem recognition
2. information search 3. alternative evaluation 4. purchase decision 5. postpurchase decision |
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The stages a buyer passes through in making choices about which products or services to buy is what process?
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Purchase decision process.
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In ________ each of the five stages of the consumer purchase decision process is used.
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Extended problem solving
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In _________ consumers seek some information or rely on a friend to help them evaluate alternatives.
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Limited problem solving
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For products such as table salt and milk, consumers recognize a problem, make a decision, and spend little effort seeking external information and evaluating alternatives. This is what?
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Routine problem solving
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________ refers to those behaviors that result from: repeated experience or reasoning.
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Learning
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Favorable attitude toward and consistent purchase of a single brand over time is what?
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Brand loyalty
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The practice of combining psychology, lifestyle, and demographics is often used to uncover consumer motivations for buying and using products and services is considered?
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Psychographics
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Individuals who have social influences over others are called?
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Opinion leaders
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People to whom an individual looks as a basis for self-appraised or as a source of personal standards.
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Reference group
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Practice of shielding one or more industries of a country's economy from foreign competition through the use of tariffs or quotas....
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Protectionism
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Government tax on goods or services entering a country, primarily serving to raise prices on imports...
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Tariff
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Restriction placed on the amount of a product allowed to enter or leave a country....
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Quota
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Institution that sets rules governing trade between its members through a panel of trade experts....
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World Trade Organization
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Producing goods in one country and selling them in another country...
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Exporting
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Occurs when a foreign company and a local firm invest together to create a local business, sharing ownership, control, and profits of the new company
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Joint venture
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Occurs when a domestic firm actually invests in and owns a foreign subsidiary or division.
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Direct investment
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_________ is the process of defining a marketing problem and opportunity systematically, and analyzing info, and recommending actions.
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Marketing research
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Facts and figures obtained by watching, either mechanically or in person, how people behave is........
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Observation data
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Facts and figure obtained by asking people about their attitudes, awareness, intentions, and behaviors.
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Questionnaire data
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Informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader, or moderator, asks their opinions about the firm's and its competitors' products, how they use these products, and special needs they have that these products don't address....
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Focus Groups
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Total sales of a product that a firm expects to sell during a specified time period under specified conditions....
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Sales Forecast
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Combining potential buyers into groups that have common needs and will respond similarly to a marketing action....
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Market segmentation
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Groups of prospective buyers that result from market segmentation....
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Market segments
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Strategy of using different marketing mix activities, such as product features and advertising, to help consumers perceive a product as being different and better than competing products....
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Product differentiation
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the increased customer value acheived through perfroming organizational functions more efficiently...
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synergy
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Quantity consumed or times visited during a specific period.
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Usage rate
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Idea that 80 percent of a firm's sales are obtained from 20 percent of its customers.
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80/20 rule
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Products purchased by the ultimate consumer
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Consumer products
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Products that assist directly or indirectly in providing products for resale
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Business products
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Four unique elements that distinguish services from goods.
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Intangibility
Inseparability Inconsistency Inventory |
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Determines the relationship between total revenue and total cost to determine profitability at different levels of output.
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Break-even analysis
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all activities involved in selling, renting, and providing goods/services to ultimate consumers for personal, family, or household use.
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Retailing
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Combination of one or more of the communication tools used to inform, persuade, or remind prospective buyers
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Promotional mix
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Concept of designing marketing communications programs that coordinate all promotional activities to provide a consistent message across all audiences.
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Integrated marketing communications
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Process of conveying a message to others
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Communication
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The two-way flow of communication between a buyer/seller often in face to face encounter, designed to influence a person's or group's purchase decision.
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Personal selling
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Planning the selling program, and implementing and evaluating the personal selling effort of the firm.
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Sales management
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Practice of building ties to customers based on a salesperson's attention and commitment to customer needs over time.
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Relationship selling
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Generation of children born between 1946 and 1964
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Baby Boomers
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Members of the U.S. population born between 1965 and 1976
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Generation X
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The 72 million Americans born between 1977 and 1994
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Generation Y
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Consumer socialization, passage through the family life cycle, and decision makig within the family or household is related to:
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Family influences on consumer behavior
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Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale....
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Organizational buyers
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What are the 5 roles in the buying center...
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Users
Influences Buyers Deciders Gatekeepers |
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The people in the organization who actually use the product or service, such as a secretary.
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Users
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Affect the buying decision, usually by helping define the specifications for what is bought.
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Influencers
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Have formal authority and responsibility to select the supplier and negotiate the terms of the contract.
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Buyers
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Have the formal or informal power to select or approve the supplier that receives the contract.
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Deciders
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Control the flow of information in the buying center.
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Gatekeepers
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Study of similarities and differences among consumers in two or more nations or societies.
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Cross-cultural analysis
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Socially preferable modes of conduct or states of existence that tend to persist over time
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Values
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Norms and expectations about the way people do things in a specific country.
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Customs
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Law that makes it a crime for U.S. corporations to bribe an official of a foreign government or political party to obtain or retain business.
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Foreign Corrupt Practices Act (1977)
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Things that represent ideas or concepts
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Cultural symbols
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What are three advantages to secondary data?
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1. The tremendous time savings if the data has already been collected and published or exist internally.
2. The low cost, such as free or inexpensive Census reports. 3. A greater level of detail is often available through secondary data. |
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What are the three disadvantages to secondary data?
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1. The data may be out of date.
2. The definitions or categories might not be quite right for a researcher's project. 3. Because the data was collected for a different purpose it may not be specific enough. |
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Sales tools used to support a company's advertising and personal selling directed to wholesalers, distributors, or retailers.
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Trade sales promotions
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Sales tools, such as coupons, sweepstakes, and samples, used to support a company's advertising and personal selling efforts directed to ultimate consumers.
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Consumer sales promotions
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Informing consumers in an effort to increase their level of awareness is the primary promotional objective in the ________________. In general all the promotional mix elements are used at this time.
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Introduction Stage
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The primary promotional objective of the _________ is to persuade the consumer to buy the product.
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Growth stage
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In the __________ the need is to maintain existing buyers.
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Maturity Stage
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The _________ of the product life cycle is usually a period of phase-out for the product, and little money is spent in the promotional mix.
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Decline stage
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A firm tries to place its products or services in as many outlets as possible.
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Intensive distribution
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Only one retail outlet in a specific geographical area carries the firm's products
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Exclusive distribution
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A firm selects a few retail outlets in a specific geographical area to carry its products
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Selective distribution
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Professionally managed and centrally coordinated marketing channels designed to acheive channel economics and maximum marketing impact.
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Vertical marketing systems
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Things that represent ideas or concepts
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Cultural symbols
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What are three advantages to secondary data?
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1. The tremendous time savings if the data has already been collected and published or exist internally.
2. The low cost, such as free or inexpensive Census reports. 3. A greater level of detail is often available through secondary data. |
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What are the three disadvantages to secondary data?
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1. The data may be out of date.
2. The definitions or categories might not be quite right for a researcher's project. 3. Because the data was collected for a different purpose it may not be specific enough. |
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When a firm sets an annual target of a specific dollar volume of profit, this is called _________.
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Target profit pricing
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The human brain attempts to organize and interpret information with a process called ___________, a filtering of exposure, comprehension, and retention.
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Selective perception
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