Instructions: Please Define the Following Key Terms

question 31

Essay

Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
sympathetic magic

Recognize the width and depth of product offerings by companies.

Grasp the concept of competitive advantage in product marketing.

Understand the consumer adoption process and strategies to target various adopter categories.

Understand the importance and types of product innovation.

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Definitions:

Breach of Contract

The failure to perform any term of a contract, agreement, or settlement without a legitimate legal excuse.

Privity of Contract

The relationship between parties in a contract that allows them to sue each other but prevents any third party from doing so.

Novation

The act of replacing an existing contract with a new one, wherein all parties agree to make the switch.

Factoring

A financial transaction where a business sells its accounts receivable to a third party at a discount to secure immediate capital.