BUS 104 BMCC FINAL Exam | Questions & Answers (100 %Score) Latest Updated
2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions
Marketing - the commercial processes involved in promoting and selling and distributing a product or
service
utility - Ability or capacity of a good or service to be useful and give satisfaction to someone.
the ability of a good or service to satisfy a human need
four p's of marketing - product, price, place, promotion
marketing concept - states that businesses must satisfy customers' needs and wants in order to make a
profit
marketing mix - product, price, place, promotion
influences of buying power - Inflation increases consumer prices over a period of time and reduces
consumer purchasing power. Consumers living in economies of high inflation must use more dollars to
purchase a basic amount of goods.
consumer products - products and services used by people for their personal use
industrial products - products purchased for further processing or for use in conducting a business
impulse buy - the buying of goods without planning to do so in advance, as a result of a sudden whim or
impulse
specialty items - A product that certain consumers will actively seek to purchase because of unique
characteristics or loyalty to a specific brand
product life cycle - introduction, growth, maturity, decline
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