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Question | Answer |
The organizations share of the value of sales | Market Share |
The main elements of marketing strategies. product, price, promotion, place | Marketing Mix |
When business are inward looking, and they focus on selling products they can make, not making products they can sell | Product Orientation |
An approach used to develop activities aimed at changing or maintaining people's behaviour for the benefit of individuals and society as a whole. | Social Marketing |
Any organized effort to gather information about target markets or customers. | market research |
Is an attempt by marketers to lengthen the product life cycle of a particular product. Such strategies are typically used during the maturity or early decline stages of a product's life cycle. | extension strategy |
all costs & expenses are added to the desired profit to determine the selling price. | cost plus pricing |
A pricing policy whereby a firm charges a relatively low price for a product initially as a way to reach the mass market | Penetration pricing. |
A pricing strategy that involves setting prices higher than those of the competition. | price skimming |
Refers to any form of paid for advertising through the mass media in order to reach a wide audience. | above the line promotion |
Routes that products and services take from the time they are produced to the time they are consumed. | channels of distribution |
Businesses that buy large quantities of goods from manufacturers, store the goods, and then resell them to other businesses. | wholesalers |
Paying an athlete or an event to have your name displayed. | sponsorship |
Gathering data on a market by conducting interviews and focus groups. | primary research |
A model that shows sales of a product over time. | product life cycle |