7241014
Description
Flashcards by Tom Dolphin, updated more than 1 year ago
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Created by Tom Dolphin
almost 9 years ago
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| Question | Answer |
| Dynamic Marketing | Market dynamics describes the dynamic, or changing, price signals that result from the continual changes in both supply and demand of any particular product or group of products |
| The Difference Between Risk And Uncertainty | Risk is defined as unknowns that have measurable probabilities, while uncertainty involves unknowns with no measurable probability of outcome. These concepts are related, but not the same |
| Product And Market Orientation | A market orientated company is one that organizes its activities, products and services around the wants and needs of its customers. By contrast, a product-orientated firm has its primary focus on its product and on the skills, knowledge and systems that support that product |
| Quantitative Research | Quantitative research is a formal, objective, systematic process in which numerical data are used to obtain information about the world |
| Qualitative Research | Qualitative Research is primarily exploratory research. It is used to gain an understanding of underlying reasons, opinions, and motivations |
| Limitations of Market Research | It only offers possible suggestions/solutions to marketing problems. It actually acts as a tool that facilitates decision-making process |
| Market Segmentation | Market segmentation is the process of dividing a broad consumer or business market, into sub-groups of consumers based on some type of shared characteristics |
| Market Mapping | A market map is a diagram that identifies all the products in the market using two key features, quality and price |
| Product Differentiation | Product differentiation is the process of distinguishing a product or service from others, to make it more attractive to a particular target market |
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