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14 Cards in this Set
- Front
- Back
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Describe the difference between a debtor and a creditor. |
A debtor is when a person or institution that owes a sum of money. Where as a creditor is when a person or company to whom money is owed. |
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List 3 different types of expenses: |
Car expenses, fees expenses supplies expenses |
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What is the difference between accounts receivable and accounts payable? |
Accounts payable is when money is owed by a business to its suppliers(also known as liability). Accounts receivable is when money is owed to a company by its debtor's. |
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What is the difference between a market and a target market? |
Marketing is when a group of customers who share common wants and news and have the ability to purchase A product/service. While a target market is when customers who are most likely to buy the company's product. |
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What are 5 different attributes to consider whe choosing a target market? |
Age, gender, lifestyle, interest, income |
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What are the 4 "P's" of marketing? |
Place, price, promotion, product |
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What is all included in a company branding? |
Company's name, slogan, logo/trademark |
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What are 3 necessary components of packaging? |
Protection, promotion, convenience |
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By law, what do food products need to have on their packagin? |
Information |
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What is the price skimming strategy? What is a penetration price strategy? |
Skimming is when a company is selling a product at a high price to gain a high profit. Employed only for a limited duration to recover most investment made to build the product. Penetration is when a company is selling a product at a low price in order to attract costumers to gain market share. The price will be raised once this share is gained. |
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Provide an example for the following places to sell a product: |
Specialty Store: Best Buy Discount Store: wal-Mart Warehouse Club: home hardware |
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List 3 different ways a company could decide to sell a product. |
Competition-based pricing Skimming pricing Penetration pricing |
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What are 4 different channels of distribution? |
Door-to-door, vending machines, online, telemarketing |
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What is a sales promotion? Provide 2 examples of sales promotions a company could use. |
A sales promotion is when a company is trying to/process of persuadingna customer to buy the product. For example: advertising, personal selling |
