33. What is a period of declining economic activity called? 34. What is a strategic business unit? 35. What is sustainable development? 36. What is the strategic marketing process? 37. What is a marketing plan?
1.What is one limitation of market research? a. No matter how much research you do, you never know for sure if your product will be successful. 2.Which is more expensive? Primary or Secondary Data a. Primary data is more expensive because you have to tailor it specifically to that one project. You can’t use other data that has been collected from random projects. 3.Which data is most helpful? a. Primary data is more helpful than secondary data because it is more specific 4.Market segments have common needs and _____? a. Will respond similarly to a marketing action. 5.What is product differentiation? a. Involves a firm using different marketing actions to help consumers perceive the product as being different and better than competing products. 6.What is cannabaligation? a. Reduction in sales volume, sales revenue, or market share of one product due to the introduction of a new product. 7.When would you not segment a market? a. When a new product out-sales an older product. 8.Would an H&R Block tax return be a good or a service? a. Service, because it is intangible and cannot be weighed or measured. 9.What is a durable good? a. Anything with a long economic life span> i. Ex: A Laptop, or a Cell Phone 10.What are the 4 I’s of service? a. Intangibility, inseparability, inconsistency, inventory. 11.What is a SKU? a. Stock Keeping Unit
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- Marketing, Strategic Marketing Process