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What is a Target Market?
The purchasers of an organization's products, the focal point of the marketing
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What is a competitive advantage?
A way of satisfying customer needs better than our competitors, the place where opportunities, core competencies, and strategic windows meet.
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What is a sociocultural force?
An influence in a society and its culture(s) which bring about changes in attitudes, beliefs, norms, customs, and lifestyles.
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What is the value of market research?
The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities. IT IMPROVES DECISION MAKING
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What is the concentrated marketing strategy?
One marketing mix for one specific segment. We specialize in the needs of one group of people -- can dominate a segment, but putting all eggs in one basket can be risky.
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Consumer problem solving strategies?
Routinized response, limited problem solving, extended problem solving, impulse buying
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What are quotas?
A limited, fixed number of imports a country allows.
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Recognize stages in product adoption
1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption
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What is the first step in setting prices?
The first step in setting prices is the development of pricing objectives
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Surival Objectivee
Adjust price levels so the firm can increase sales volume to match organizational expenses
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Value focused customer
Customer who is concerned about price and quality of a product
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Cost-plus pricing
Adding a specific dollar amount to the seller's costs
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Demand based pricing
Customers pay a higher price when demand for the product is strong and the lower price when the demand is weak
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Competition based pricing
Pricing influences primarily by competitor's prices
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Price skimming
Charging the highest possible price that buyers who most desire the product will pay. Price skimming can generate much-needed initial cash flows to help sizable development costs
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Penetration pricing
Prices set below competing brands to penetrate market and gain market share quickly
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Captive pricing
Basic product in a product line is low while related items are higher
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Bait pricing
Low pricing on one item in line with intention of selling higher prices item in the line. "Doorbusters"
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What is the direction of the classic demand curve?
Downward sloping
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What happens if you raise price when demand is inelastic?
Total revenue will increase
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What does the Sherman Act prohibit?
Prohibits conspiracies to control prices
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Who pays shipping with FOB factory?
The buyer
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Pricing
The value paid for a product in a marketing exchange
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Barter
An exchange without using money
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Price elasticity
A measure of the sensitivity of demand to changes in price
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Marginal analysis
Examines what happens to a firm's costs and revenues when production changes by one unit
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Breakeven point
The point at which the costs of producing a product equal the revenue made from selling the product
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Costs
The value of money that has been used to produce something
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Internal reference price
Develops in buyer's mind through experience with product
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External reference price
Used when an individual does not have much experience with a given item
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Value-conscious consumers
Concerned about price and quality of a product
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Prestige-conscious consumers
Drawn to products that signify prominence and status
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Personal selling
Paid personal communication that informs customers and persuades them to buy products in an exchange situation
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Prospecting
Developing a list of potential customers, sources can come form internal and external things, some examples are sales records, trade shows, commercial databases, newspaper announcements, public records, telephone directories, trade association directories, referrals
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Closing the sale
The stage in the personal selling process when the salesperson asks the prospect to buy the product
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Follow up step
After the purchase has been consummated, you call a few days later to see if the customer is happy with their purchase
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Order getter
Sells to new customers and increases sales to current customers
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Order taker
Primarily seeks repeat sales
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Team selling
The use of a team of experts from all functional areas of a firm, led by a salesperson, to conduct the personal selling process
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Relationship selling
The building of mutually beneficial long-term associations with a customer through regular communications over prolonged periods of time
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