chapter 8 marketing – Flashcards
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a representative product taken from a lot or batch, evaluated, and purchased refers to
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sampling
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inelastic demand simply means that
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a price increase or decrease will not significantly change the demand for an item.
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Most business purchases can be classified as belonging to one of three types
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modified rebuy, new-task, or straight rebuy
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the four major categories of factors that influence business buying decisions:
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Environmental, organizational, interpersonal, and individual
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individuals and business organizations that buy finished goods and resell them to make a profit without changing the physical characteristics of the product are classified as ___ markets.
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reseller
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Business markets are typically divided into four categories. These categories are
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producer, reseller, government, and institutional.
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demand for business products is characterized as derived.
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demand for consumer products is the demand derived.
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in business markets, individuals or groups purchase products for one of three purposes. these purposes are
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resale, direct use in producing other, and use in general daily operations.
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an organization that decides to buy all of a certain part from the same company is using
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sole sourcing
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demand for a business product is ___ when two or more items are used in combination to produce a product.
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joint
