intro to business chapter 11 – Flashcards
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the utility created by transferring ownership of a product to a buyer is called ____ utility.
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possession
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the process of systematically gathering, recording, and analyzing data concerning a particular marketing problem is called
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marketing research
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a market is a group of individuals and /or organizations that have needs for products in a given category and have the ability, willingness, and ___ to purchase such products
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authority
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the utility created by making a product available at a location where customers wish to purchase it is called __
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place utility
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the elements of the marketing mix are
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product, price, distribution, promotion
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___ is not a step in the consumer buying decision process
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tell other people about the product
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the amount of a product an organization expects to sell during a certain period of time, based on a specified levelof marketing effort, is called a
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sales forecast
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buying behavior is divided into two categories including
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consumer and business
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a market segment toward which a company directs its marketing effort is called a
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target market
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the process of dividing a market into segments is called
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market segmentation
