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PBF318 Unit 3 Terms

PBF Unit 3 Terms

QuestionAnswer
May include several businesses involved with designing, developing, maintaining, improving, and obtaining products and services in order to meet the needs of customers Product/service management
Involves using the best ways for customers to locate, obtain, and use the products and services for a business Place (Distribution)
Involves communication directly with potential customers in order to determine and satisfy their needs and wants Selling
Information management involves obtaining, managing, and using information about products and services, customers, and competitors to improve business decision-making and the performance of marketing activities Marketing
Involves budgeting for maketing activities, securing necessary funds for operations, and providing financial assistance to customers Financing
Involves determining and communicating the value of products and services Pricing
Involves communicating information such as feature and prices about products and services to potential customers Promotion
Involves obtaining, managing, and using information about products and services, customers, and competitors to improve business Marketing-information management
Surveys are a specific set of questions asked to customers Surveys
Focus groups are small groups of consumers that discuss a specific product Focus Groups
Observations record the actions of consumers rather than questioning them Observations
Experiment is a comparison of two controlled alternatives for consumers Experiment
Lowes Home Improvemnets provides credit lines to other businesses in order to meet its organizational goals. This is an example of which marketing function Financing
Pop-up advertisments for video games appear whenever Amy visits a website of a sports store. This is an example of which marketing function Promotion
Created by: natasha_muir
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