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92 Cards in this Set
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- Back
finance
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the study of money; how it's made, how it's lost, and how it's managed
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money
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anything generally accepted in exchange for goods and services
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checking account
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money stored in an account at a bank or other institution that can be withdrawn without advance notice; also called a demand deposit
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savings accounts
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accounts with funds that usually cannot be withdrawn without advance notice; also known as deposits
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money market accounts
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accounts that offer higher interest rates that standard bank rates but with greater restrictions
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certificates of deposit (CDs)
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savings accounts that guarantee a depositor a set interest rate over a specified interval as long as the funds are not withdrawn before the end of the period-- six moths or one year, for example
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credit cards
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means of access to pre-approved lines of credit granted by a bank or finance company
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debit card
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a card that looks like a credit card but works like a check; using it results in a direct, immediate, electronic payment for the cardholder's checking account to a merchant or third party
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federal reserve board
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an independent agency of the general government established in 1913 to regulate the nation's banging and financial industry
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monetary policy
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means by which the Fed controls the amount of money available in the economy
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open market operations
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decisions to buy or sell U.S. Treasury Bills (short term debt issued by the U.S. government) and other investors in the open market
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reserve requirement
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the percentage of deposits that banking institutions must hold in the reserve
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discount rate
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the rate of interest the Fed charges to loan money to any banking institution to meet reserve requirements
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credit controls
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the authority to establish and enforce credit rules for financial institutions and some private investors
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commercial banks
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the largest and oldest of all financial institutions, relying mainly on checking and savings accounts as sources of funds for loans to businesses and individuals
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savings and loan institutions (S&Ls)
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financial institutions that primarily offer savings accounts and make long-term loans for residential mortgages; also called "thrifts"
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credit union
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a financial institution owned and controlled by its depositors, who usually have a common employer, profession, trade group, or religion
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mutual savings banks
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financial institutions that are similar to savings and loan associations but, like credit unions, are owned by their depositors
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Federal Deposit Insurance Corporation (NCUA)
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an agency that regulates and charters credit unions and insures their deposits through its National Credit Union Insurance Fund
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insurance companies
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businesses that protect their clients against financial losses from certain specified risks (death, accident, and theft, for example)
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pensions funds
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managed investment pools set aside by individuals, corporations, unions, and some nonprofit organizations to provide retirement income for members
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mutual fund
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an investment company that pools individual investor dollars and invests them in large numbers of well-diversified securities
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brokerage firms
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firms that buy and sell stocks, bonds, and other securities for their customers and provide other financial services
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finance companies
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business that offer short-term loans at substantially higher rates of interest than banks
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electronic funds transfer (EFT)
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any movement of funds by means of an electronic terminal, telephone, computer, or magnetic tape
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automated teller machine (ATM)
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the most familiar form of electronic banking, which dispenses cash, accepts deposits, and allows balance inquires and cash transfers from one account to another
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automated clearinghouses (ACHs)
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a system that permits payments such as deposits or withdrawals to be made to and from a bank account by magnetic computer tape
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marketing
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a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas
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exchange
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the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas)
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marketing concept
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the idea that an organization should try to satisfy customers' needs through coordinated activities that also allow it to achieve its own goals
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marketing orientation
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an approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers
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marketing strategy
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a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific consumers
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market
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a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas
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target market
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a specific group of customers on whose needs and wants a company focuses its marketing efforts
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total-approach market
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an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs
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market segmentation
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a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs
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market segment
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a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires
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concentration approach
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a market segmentation approach whereby a company develops one marketing strategy for a single market segment
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multisegment approach
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a market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each
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marketing mix
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the four marketing activities-- product, price, promotion, and distribution (place)-- that the firm can control to achieve specific goals within a dynamic marketing environment
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price
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a value placed on an object exchanged between a buyer and a seller
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distribution
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making products available to customers in the quantities desired
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promotion
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a persuasive form of communication that attemts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas
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marketing research
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a systematic, objective process of getting information about potential customers to guide marking decisions
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primary data
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marketing information that is observed, recorded, or collected directly from respondents
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secondary data
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information that is compiled inside or outside an organization for some purpose other than changing the current situation
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buying behavior
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the decision processes and actions of people who purchase and use products
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perception
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the process by which a person selects, organizes, and interprets information received from his or her senses
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learning
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changes in a person's behavior based on information and experience
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attitude
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knowledge and positive or negative feelings about something
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personality
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the organization of an individual's distinguishing character traits, attitudes, or habits
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social roles
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a set of expectations for individuals based on some position the occupy
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reference groups
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groups with whom buyers identify and whose values or attitudes they adopt
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social classes
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a ranking of people into higher or lower positions of respect
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culture
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the integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts
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test marketing
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a trial mini-launch of a product in limited areas that represent the potential market
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commercialization
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a full introduction of a complete marketing strategy and the launch of the product for commercial success
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consumer products
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products intended for household or family use
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business products
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products that are used directly or indirectly in the operation or manufacturing processes of businesses
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product line
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a group of closely related products that are treated as a unit because of similar marketing strategy, production, or end-use considerations
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product mix
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all the products offered by an organization
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branding
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the process of naming and identifying products
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trademark
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a brand that is registered with the U.S. Patent and Trademark Office and is thus legally protected from use by another firm
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manufacturer brands
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brands initiated and owned by the manufacturer to identify products from the point of production to the point of purchase
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private distributor brands
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brands, which may cost less than manufacturer brands, that are owned and controlled by a wholesaler or retailer
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generic products
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products with no brand name that often come in simple packages and carry only their generic name
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packaging
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the external container that holds and describes the product
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labeling
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the presentation of important information on a package
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quality
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the degree to which a good, service, or idea meets the demands and requirements of customers
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price skimming
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charging the highest possible price that buyers who want the product will pay
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penetration price
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a low price designed to help a product enter the market and gain market share rapidly
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psychological pricing
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encouraging purchases based on emotional rather than rational responses to the price
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discounts
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temporary price reduction, often employed to boost sales
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marketing channel
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a group of organizations that moves products from their producers to customers; also called a channel of distribution
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retailers
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intermediaries who buy products from manufacturers (or other intermediaries) and sell them to consumers for home and household use rather than for resale or for use in producing other products
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wholesalers
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intermediaries who buy from producers or from other wholesalers and sell to retailers
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intensive distribution
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a form or market coverage whereby a product is made available in as many outlets as possible
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selective distribution
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a form of market coverage whereby only a small number of all available outlets are used to expose products
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exclusive distribution
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the awarding by a manufacturer to an intermediary of the sole right to sell a product in a defined geographic territory
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physical distribution
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all the activities necessary to move products from producers to customers-- inventory control, transportation, warehousing, and materials handling
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transportation
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the shipment of products to buyers
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warehousing
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the design and operation of facilities to receive, store, and ship products
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materials handling
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the physical handling and movement of products in warehousing and transportation
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integrated marketing communications
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coordinating the promotion mix elements and synchronizing promotion as a unified effort
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advertising
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a paid form of non-personal communication transmitted through a mass medium, such as television commercials or magazine advertisements
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advertising campaign
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designing a series of advertisements and placing them in carious media to reach a particular target market
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personal selling
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direct, two-way communication with buyers and potential buyers
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publicity
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non-personal communication transmitted through the mass media but not paid for directly by the firm
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sales promotion
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direct inducements offering added value or some other incentive for buyers to enter into an exchange
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push strategy
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an attempt to motivate intermediaries to push the product down to their customers
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pull strategy
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the use of promotion to create customer demand for a product so that consumers exert pressure on marketing channel members to make it available
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promotional positioning
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the use of promotion to create and maintain an image of a product in buyers' minds
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