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BUAD 230: Final Exam

STUDY
PLAY
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