BUAD 230: Final Exam

Created by Lizette_Naranjo 

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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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