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26 Cards in this Set
- Front
- Back
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Advertising agency |
A firm that creates ads, commercials and other parts of promotional campaigns for its clients |
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Agents |
Someone working in behalf of another party |
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Brand licensing |
Legal authorization by a trademarked owner to allow another company to use its brand, mark, or character for a fee |
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Brick and mortar |
The term for a physical store |
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Competition |
The struggle between businesses for the same customers |
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Convenience good |
A good that is usually bought often with little effort and for immediate use |
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Credit |
The opportunity to obtain money, goods, or services immediately in exchange for a promise to pay in the future |
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Equilibrium |
Point at which the supply equals the demand for a product |
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Factors of production |
Economic resources nations use to make products and supply services for its citizens |
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Inflation |
Term for a general rise in prices throughout the economy |
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Jargon |
Business specific language |
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Market planning |
Creating an actionable marketing plan designed to achieve business goals |
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Networking |
Process of making connections with the people in the work world |
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Objections |
Concerns or other reasons a customer has for not making a purchase |
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Positioning |
Marketing a product in order to get customers to think of it in a specific way |
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Product life cycle |
Stages a product or a product category goes through from its beginning to end |
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Recession |
Period of great decline in total output, employment, trade and income |
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Recovery |
The phase of the business cycle when there is a noticeable increase in economic activity |
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Reference group |
A group of people who influence buying decisions |
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Risk |
Possibility of loss, damage, or injury |
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Stockout |
When stock is running out |
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Supply chain |
Businesses, people, and activities involved in turning raw materials into products and delivering them to end users. |
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Supply chain |
Businesses, people, and activities involved in turning raw materials into products and delivering them to end users. |
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Tariff |
Government tax on imported goods |
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Value proposition |
Ideas that the value of the product over others that are similar |
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Visual merchandising |
Process of creating floor plans and displays to attract customer attention and encourage purchases |
