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| Person, Partnership, or Corporation that provides goods and services for a profit |
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| Money used to run business. Costs. |
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| Net income. Money earned beyond costs/salaries/etc |
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| When expenses exceed revenue |
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| Size, Profit motive, and sector |
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| Profit is the main goal, strive for profit |
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| Strive for profit, but use money for social goals |
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| Licenses and permits, laws to protect workers, contract laws, bankrupcy, Tax law |
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| varies by economic conditions |
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| Giving workers responsibility and freedom to respond quickly to customers |
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| worldwind integration of government policies, culture, social movements, and financial markets through trade and exchange of ideas |
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| Study of how individuals and society choose to use scarce resouces to produce goods and distribute them |
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| Studies the operations of a nation as a whole |
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| Focuses on people and organizations in particular markets |
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| process turning self directed gain into gain for all |
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| Quantity of products manufacturers are willing to sell |
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| quantity of products consumers are willing and able to buy |
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| When supply and demand are equal/balanced |
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| fast economic growth followed by diminishing supply and demand |
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| All or most factors of production are privately owned |
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| Right to Private property, own a business and keep profits, freedom of competition and freedom of choice |
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| many businesses, no one is large enough to dictate price |
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| large number of businesses making an item thats very similar, but precieved differently by customers |
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| few businesses dominating a market |
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| One bhusiness controlling total supply os a product |
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| some basic businesses should be owned by the government so profits can be shared |
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| government makes ALL economic decisions and owns all production. Does not reflect supply/demand |
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| Gross Domestic Product. goods and services made IN the country |
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| Gross National Product, goods and services made in a country, including outsourcing |
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| A period in whic the GPD drops for 2+ quarters |
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| not enough jobs for those who want them |
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| unemployment during specific seasons |
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| Those who are between jobs |
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| Shift in industry (outsourcing or telemarketing) |
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| Money the government spends that it does not have. |
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| The sum of deficits over time |
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| planning and executing the conception, pricing, promotion, and distributon of goods and services |
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| Dividing total market into several groups with similar characteristics |
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| understanding customer's motivations and reasons for purchasing something |
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| Types of marketing segmentation |
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Definition
| Geographic, Demographic, Psychographic, Volume, Niche market |
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Term
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Definition
Problem recognition
info search
alternative evaluation
purchase decision
post purchase evaluation |
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| marketing into a very special segment, but also profitable and sustainable |
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| keeping customers over time by offering products that meet their exact needs |
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| everything consumers evaluate when buying something |
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| process of overseeing the aspects of marketing for a particular product or service for the purpose of attraction and retention |
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| analysis of markets to determine opportunities and challanges, and to find the info needed to make good decisions. |
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| First hand. Surveys and focus groups |
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| Seeking data already collected |
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Protect the item
Attract attention
list information
benefits inside
Warrenty info
Price
Dimensions and weight |
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| New Product Development Process |
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Definition
New idea
Product screening
Product analysys
Development
Testing
Commercialization |
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| name symbol or design that identifies goods or services and distinguishes them from others |
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| combination of awareness, loyalty, precieved quality, images and emotions that people associate with a brand |
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| the degree to which customers are satisfies, like a brand , and are committed to future purchases |
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| Reflection of quality, brand, image, and must be enough to ensure profits but not too high for consumers |
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| A product a company is willing to sell at a loss to attract more customers |
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Term
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Definition
Introduction
Growth
Maturity
Decline |
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| process of getting goods to the places where they will be sold |
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| organizations that assist in moving googs from producers to retailers |
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Definition
| intermediaries, agents, brokers, wholesalers, and retailers |
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| Break Even Analysis Pricing Strategy |
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Definition
| how many you need to sell in order to make a profit |
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| Penetration Pricing Strategy |
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Definition
| Price low, attract more, discourage competition |
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| Skimming Pricing Strategy |
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Definition
| Price a new product high to make money before there is competition |
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| Every day low price strategy |
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Definition
| lower than compeditors, not many special sales |
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| High Low Pricing Strategy |
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Definition
| Price high, offer special sales |
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| Bundle 2+ products together for sale and price them together |
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| Psychological Pricing Strategy |
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Definition
| Price points that make things look less expensive |
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Definition
| combination of promotional tools an organization uses |
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| paid, non personal communication through media |
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| Showing an item in a TV show, movie, etc |
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| Face to face presentation |
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| evaluating public attitude and changing policies accordingly and makes a plan to gain public acceptance |
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| Paying for positive feedback |
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