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Cards (28)
What is the focus of Unit 5 in marketing?
It summarizes
marketing concepts
in five minutes
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What is marketing defined as?
The process of identifying and satisfying
customer needs
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Why do businesses focus on satisfying customer needs?
To
increase sales
and avoid
costly mistakes
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What is a market?
A place for
buyers
and sellers to
exchange
goods
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What does market size refer to?
The
total sales
of all companies in a market
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How is market share calculated?
Individual company sales
divided by
total market sales
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What is primary market research?
Research conducted by the
company
itself
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What is secondary market research?
Data that already
exists
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What is quantitative research about?
It focuses on
numbers
and
statistics
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What is qualitative research about?
It focuses on people's
opinions
and experiences
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What is a focus group?
A small group providing
qualitative
data through discussion
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What is market segmentation?
Dividing
a market into groups with similar characteristics
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Why do businesses conduct market segmentation?
To target specific groups with
tailored
products
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What is the marketing mix?
The combination of
product
,
price
, promotion, and
place
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What is product development?
Enhancing
old
products or designing new ones
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What is a product portfolio?
The range of
products
sold by a business
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What is portfolio analysis?
Considering each
product's
place in the market
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What does the product life cycle illustrate?
Sales
and
profits
distribution over time
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What are extension strategies?
Changing the
marketing mix
to increase sales
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What is the Boston matrix used for?
To analyze products by
market share
and
growth
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What is price skimming?
Setting a high price
initially
, then lowering it
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What is price penetration?
Setting a low price
initially
to generate interest
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What factors affect promotion strategies?
Finance
,
competitors
, and nature of the
product
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What does place refer to in the marketing mix?
Getting the product to the
final consumer
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How has e-commerce changed product distribution?
It allows direct routes between
manufacturers
and consumers
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What is an integrated marketing mix?
All
elements
of the
marketing
mix working
together
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What is the BMW i8?
An
electric
high-performance
hybrid
vehicle
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What contributes to the success of the BMW i8?
High
price
,
stylish design
, and
service quality
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