Business essentials

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Questions and Answers

What are functional benefits?

Practical uses of a product (e.g., durability).

What are psychological benefits?

Emotional or social benefits (e.g., status).

Which of the following is NOT one of the 4E's of Social Media Strategy?

  • Excite them with offers or promotions
  • Evaluate customer satisfaction (correct)
  • Encourage them to take action
  • Engage customers with content

Describe the cost/benefit equation.

<p>Customers weigh the value they get against the price they pay.</p> Signup and view all the answers

What is high involvement decision making?

<p>Big decisions requiring research (e.g., buying a car).</p> Signup and view all the answers

What is distribution in the context of supply chain?

<p>How products get to customers.</p> Signup and view all the answers

What is a supply chain?

<p>All steps in producing and delivering goods.</p> Signup and view all the answers

Which of the following is a foreign market entry strategy?

<p>All of the above (D)</p> Signup and view all the answers

Flashcards

Functional Benefits

Practical advantages of a product, like how long it lasts or how well it works.

Psychological Benefits

Emotional or social advantages, such as feeling good or looking cool.

The 4 E's of Social Media

Connect with your audience, teach them about your product, make them excited, and push them to act

Cost/Benefit Equation

Customers compare what they gain from a product to its price.

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High Involvement Decision

Major purchases needing research, like cars or houses.

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Low Involvement Decision

Small, quick choices needing little thought, like snacks.

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Distribution

The route products take to reach customers.

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Supply Chain

All stages in making and delivering a product, from start to finish.

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Exporting

Selling goods to another country.

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Licensing

Granting rights to use your brand or product for a fee.

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Study Notes

  • Recognize a need.
  • Evaluate requirements
  • Evaluate proposals and select a supplier.
  • Order and review performance.

Functional vs Psychological Benefits

  • Functional benefits are the practical uses of a product, like durability.
  • Psychological benefits are the emotional or social benefits, such as status.

The 4 E’s of Social Media Strategy

  • Engage customers with content
  • Educate customers about the product/service.
  • Excite customers with offers or promotions.
  • Encourage customers to take action

The Cost/Benefit Equation

  • Customers weigh the value they get against the price they pay.

High vs Low Involvement Decision Making

  • High involvement decisions require significant research, like buying a car.
  • Low involvement decisions require little thought such as buying snacks.

Distribution and Supply Chain

  • Distribution involves how products get to customers
  • Supply chain includes all steps in producing and delivering goods

Foreign Market Entry Strategies

  • Exporting

  • Licensing

  • Franchising

  • Joint ventures

  • Direct investment

  • Governmental Trade Barriers

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