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QR Challenge: Marketing Review (Mr.Hart)

Question	Answer
What are the 4 p's of marketing?	price, product, place, promotion.
List the 4 stages in the production life cycle?	Introduction, growth, maturity, decline
What must companies do when products enter the decline phase?	Companies have to find new ways to recreate the product. If that is unsuccessful then companies must discontinue their product in order to save money.
What is market research?	Market research is an organized way to gather and information needed to make business decisions
List the four categories of market segments	demographics, geographics, psychographics.
What are the two components of promotions?	public relations, advertising
Any social, economic, or political factors that could impact your business is called_____.	business environment
At what stage in the production life cycle phase will a company experience the most profit made off of their product?	maturity
A limited number of customers who are most likely to buy the product is called________.	target market
What are the two types of research methods?	Secondary data, Secondary data
Stakeholders can be describes as________.	Anyone who has an interest in what a company does.
Specify the meaning of S.M.A.R.T goals.	Specific, measurable, achievable, realtistic, time
What can companies measure when they do market research?	Companies can measure what consumers want and need, competition success, and analyze what improvements the company needs to make.
What is a niche market? Give 1 example	answers will vary
Any product that experiences fast growth and fast decline can be noted to be A.niche B.Niche C. Seasonal	Fad
Three key components to understanding your market is_____	knowing your business environment, competitors, and customers.