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Chapter 1 Exam
Terms in this set (14)
What is the purpose of customer relationship management?
To indentify and understand customers so that a strong relationship.
What is an example of information utility?
Cooking instructions or menu ideas added to a food package.
How are goods and services alike and different?
Service is an act you can have someone perform for you in exchange for money (automotive repair, hair styling, legal aid, etc.) A good is a product with an efficient purpose. Both have monetary value and satisfy needs and wants that customers have.
What are three main types of information that companies look for when they conduct marketing research?
They look for things such as customers, trends, and competitors.
What are some effects of marketing activity and competition it generates?
New and improved products and variety products results competitor keep prices low.
Making purchases easy by accepting credit cards, debit cards, and checks, and offering layaway plans is an example of what type of utility?
Possession - allowing consumers to take legal ownership of a product
What characteristics define a market?
The term market refers to people who either share similar needs and wants, and have the ability to purchase a product.
What are the promotional strategies in a marketing campaign designed to do?
Convince either the consumer or the customer to purchase the product.
What areas of skill and knowledge are part of the study or marketing?
Economics and entrepreneurship.
What does a good marketing plan require?
Collecting and analyzing data.
What is the main purpose of the selling process?
To influence the purchase decision
Which is likely to lower the unit cost of producing a product?
Increased demand for a product.
What is most often the main goal of a retail business, to which you are selling your product?
What is a target market?
group of people most likely to become customers
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