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Unit 3.01 Terms Bro

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 of a business. Place (Distribution)
Involves communicating 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 preformance of marketing activities. Marketing
Involves budgeting for marketing activities, securng 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 features and prices about products and services to potential customers. Promotion
Specific set of questions asked to consumers. Surveys
Small groups of consumers that discuss a specific product. Focus groups
Record the actions of consumers rather than questioning them. Observations
A comparison of two controlled alternatives for consumers. Experiment
Created by: lancerammo77