Marketing and Business Concepts Review

This set of flashcards covers crucial marketing and business concepts, useful for exam preparation.

A marketing strategy should not sound like it should apply to any other __________.

case study.

__________ should not be more than a page long.

Letters of application.

In a seller's market, people will buy no matter how __________ it is.

expensive.

Pure business risk implies there is no potential for gain; it is considered __________.

insurable.

A mail-response list is a list made of people who responded to __________ ads before.

mail.

In product bundling, related items are sold together to create awareness or offer a sense of __________ to the consumer.

value.

Brainstorming is idea generation without __________ or criticism.

evaluation.

Antitrust laws are created to prevent __________ and maintain competition.

monopolies.

Channel conflict refers to competition among __________ for sales.

distribution channels.

A warranty is a promise to repair or replace a __________ product.

defective.

The customer relations management (CRM) system tracks data about customers and __________.

sales.

Corporate bonds are bought from corporations or parts of the __________ to get a return on investment.

government.

A brand promise refers to the commitment to consistently meet customer __________ and values.

expectations.

__________ is the act of identifying potential customers and compiling their information for future use.

Prospecting.

Price skimming is a pricing strategy that sets a high initial price, which is lowered __________.

later.

Internal communication involves communication within the __________.

organization.

Product lifecycle stages include introduction, growth, maturity, and __________.

decline.

Quality management focuses on product execution, not its __________.

purpose.

The five-step sales process includes finding customers, qualifying needs, finding solutions, closing, and building __________.

relationships.

Bait and switch is an illegal pricing tactic where a low price is advertised with the intent to sell a __________ priced product.

higher.

Employee turnover refers to how fast employees __________ the organization.

leave.

In marketing research, __________ research is used to clarify concepts and identify potential problems.

Exploratory.

The Pareto principle (80/20 rule) suggests that __________ of results come from 20% of efforts.

80%.

A legal remedy is a way to correct a __________ that has occurred.

wrongdoing.

Customer engagement metrics, like the net promoter score, measure how likely a customer is to __________ a brand.

recommend.