Marketing Chapter 5

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when Joe took a job with the local government, it was his first experience working in the ______________

public sector

supply

the amount of goods producers are willing to make and sell

accounting

the discipline that keeps track of a company's financial situation

finance

the function of business that involves money management

profit

the money earned from conducting business after all costs and expenses have been paid

business risk

the potential for financial gain, loss, or failure

management

the process of achieving company goals by effective use of resources through planning, organizing, and controlling

production

the process of creating, growing, manufacturing, or improving on goods and services

non-price competition

when businesses choose to compete on the basis of factors that are not related to price, including the quality of the products, service, financing, business location, and reputation

price competition

- a focus on the sale price of a product - the assumption is that, all other things being equal, consumers will buy the products that are lowest in price

demand

- consumer willingness and ability to buy products - the law of demand is the economic principle that price and demand move in opposite directions

public sector

- government-financed agencies - ie: the Environmental Protection Agency

what are some of the factors businesses use in non-price competition?

- quality of their product - location - the friendliness of their employees

5 "rights" of merchandising

- right goods - right time - right place - right price - right amount

competition

a business relation in which parties compete to gain customers

retailer

a business that buys goods from wholesalers or directly from manufacturers and resells them to consumers

wholesaler

a business that obtains goods from manufacturers and resells them to organizational users, other wholesalers, and retailers, also called distributors

for-profit business

a business that seeks to make a profit from its operations

global business

a business that sells its products in more than one country

domestic business

a business that sells its products only in its own country

patent

a document granting an inventor sole rights to an item or an idea

industry

a group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services

non-profit organization

a group that functions like a business but uses the money it makes to fund the cause identified in its charter

trademark

a word, name, symbol, sound, brand name, brand mark, trade name, trade character, color, or a combination of these elements that identifies a good or service and cannot be used by anyone but the owner because it is registered with the federal government and has legal protection

copyright

anything that is authored by an individual, such as writings (books, magazine articles, etc.), music, and artwork

private enterprise

business ownership by ordinary people, not the government

it would be a big _____________ to spend more money on a new advertising campaign than the campaign would generate

business risk

private sector

businesses not associated with government agencies

she worries about ____________ because a clothing store opened up near hers

competition

why is competition an essential part of a free enterprise system?

competition forces businesses to produce better-quality goods and services at prices that consumers can pay

they realized ____________ was down for their product when they ran out of room in the warehouse

demand

derived demand

demand in the organizational market that is based on, or derived from, the demand for consumer goods and services

the board members decided they did not want to sell things to overseas; they were happy being a _______________

domestic business

a state of ____________ exists when the number of products supplied equals the amount of product demanded

equilibrium

monopoly

exclusive control over a product or the means of producing it

the company was about to become a _____________ when it began exporting products to Costa Rica

global business

what are some ways to protect intellectual property?

patents, trademarks, & copyrights

he made a nice _________ when he sold his car for $1200 more than what he paid for it

profit


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