Term
| What is the difference between price skimming and price penetration? |
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Definition
price skimming = charge highest price for highest profit in introductory stage price penetration = charding a low price to build market share and discourage competition |
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Term
| what are the 4 stages of product life cycle |
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Definition
introrduction growth maturity decline |
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Term
| what are the three major buying influences? |
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Definition
person specific psychological social |
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Term
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Definition
product physical distribution promotion price |
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Term
| what are the 5 basic markets? |
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Definition
consumer: individual use industrial: farmers reseller: B to B government: bombs
insitutional: boy scouts, no taxes |
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Term
| what is the difference between missionary and trade salesperson? |
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Definition
missionary: pharmacy sales rep trade sales: got milk? |
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Term
| what is the difference between odd pricing and multiple unit pricing? |
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Definition
odd pricing: 1.99 instead of 2.00 multiple units: 3 for 5 |
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Term
| what is the difference between a broker and an agent? |
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Definition
broker: specialized and temporary agent: permanent. insurance |
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Term
| what are the 4 price methods? |
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Definition
demand based: based on demand for product samd product/ different prices different locations competition based: increase market share. gas prices cost based: furniture= 500$. 500x2+.20 geographic: snowblowers in FLA |
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Term
what is the difference between holding costs vs stock outs? |
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Definition
holding costs: how much it costs to store a product stock outs: sales lost to product being sold out |
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Term
| 4 consumer product classifications |
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Definition
convenience: inexpensive, frequently purchaded item(milk, beer) shopping product: buyers do more research and planning. (cars, appliances, etc) speciatly product: detailed research and pay premium (forigen beer, handcrafted stereo, etc) impulsive: gum |
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Term
| 3 parts of marketing concept |
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Definition
customer orientation: help customers know product service: taking car to dealership profit: business has to make profit |
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Term
| 4 types of public relations |
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Definition
news release feature article captioned photograph press conference |
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Term
what is an intangible asset? |
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Definition
| copyrights, trademarks, etc |
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Term
| what are the 5 industrial product classifications? |
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Definition
raw material: basic material that becomes part of a finished product major equipment: large tools and machinery accessory equipment: standardizes equipment used in a frim's production or office. component part: finished part to be used in larger product process material: materical that is used in the production of a product but that is not identifiable |
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Term
| what are the 8 major marketing funtions? |
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Definition
buying selling transporting storage financing standardizing risk taking gathering market info |
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Term
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Definition
push: promotion, distribution, retail store pull: customer, promotion, store |
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