What is the marketing term for something which is given up to obtain a product quizlet?
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Marketing Essentials: The Deca Connection1st EditionCarl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese 1,600 solutions POSITIVE: expands freedom, cause competition, lowers prices and improve product quality, raise productivity, raise living standards, more access, and checks globalization. NEGATIVES: millions have lost jobs, millions fear losing jobs in future, threat of outsourcing, if workers don't accept pay cuts, and vulnerability to moving offshore Least Developed Country (LDC) are at the lowest stage of economic development, agricultural. Developing countries Economy shifts from agriculture to industry Strong markets to sell products (Brazil, Russia, India, and China) Developed countries are the most sophisticated markets G8 countries - US, UK, Canada, France, Italy, Germany, Japan and Russia. Monopoly - when one seller controls a market Ex. Entergy Oligopoly -
relatively few, but large sellers, each holding substantial market share, in a market with many buyers. Monopolistic competition - many sellers (both small and large) compete for buyers in a market Ex: Ice-cream, bread, fast food peanut butter, wine, etc. Perfect competition - many sellers, each offering basically the same good/service Ex: Agriculture/commodity market Know all the key elements needed to execute the marketing strategy - situation analysis (PEST analysis, competitive analysis, SWOT analysis), SMART marketing objectives, develop STP strategies (Segmentation, Targeting, Positioning), develop marketing mix strategies (product, price, place, and promotion), and implementation and control the marketing plan. Which of the following is an example of a failed exchange? You want a turkey sandwich, but the deli is out of turkey, so you leave. a. Economic Freedom - freedom of choice by consumers and producers. b. Economic Security - protection against some risks as consumers and producers c. Economic Equity - Fairness? Right or wrong? Equal opportunity? Equal distribution of wealth and income? d. Economic Growth - an increase in the production of goods and services over time, measured by real GDP, 3 to 4 % is a reasonable and sustainable yearly growth rate. e. Economic Efficiency - allocation of resources so that no one is hurt at the expense of someone else gaining, lower costs to produce. f. Economic Stability - maintain stable prices, full employment and economic growth Recommended textbook solutions
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What term is used to describe the process of selling a product in the market place?Commercialization is the process of bringing new products or services to market.
What is the term that refers to a products identity?Branding is the process of creating and disseminating the brand name, its qualities and personality. Branding could be applied to the entire corporate identity as well as to individual products and services or concepts.
What term refers to the promotion and selling of a product or service?Dictionary.com defines marketing as, "the action or business of promoting and selling products or services, including market research and advertising."
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