BUAD 230: Final Exam
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Created by:
Lizette_Naranjo on April 17, 2012
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15 terms
Terms | Definitions |
|---|---|
 Exchange Functions | Promote and enable transfer to ownership. Ex: buying, selling, advertising |
| Physical Functions | Enables flow of goods from manufacturer to consumer. Ex: processing, transporting, packaging |
| Facilitating Functions | Assist in the execution of exchange and physical functions. Ex: financing and risk-taking, marketing information and research |
| Sub-Environments of Macroenvironment | Economic. Social and Cultural. Technology, and Legal |
| Economic | Inflation, income and unemployment levels |
| Social & Cultural | Demographics like age, sex, household structure |
| Technology | Based on scientific actions and innovations |
| Legal | Provide rules and penalties for violations. Designed to protect society |
| Importance of Segment Markets | Allows businesses to look at consumers as several different groups instead of one |
| Four Types of Variables | Demographic, Geographic, Loyalty, and Usage Rates |
| Product Life Cycle | Provides a clear framework for sales and profit levels over time |
| Introduction | New product is introduced to the market place |
| Growth | Products gain acceptance, sales increase rapidly |
| Maturity | Sales growth peaks and eventually flatten |
| Decline | Sales and profits fall |
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