Shared Flashcard Set

Details

Make Cents
Pl003
40
Marketing
11th Grade
04/30/2014

Additional Marketing Flashcards

 


 

Cards

Term
Bait-and-switch advertising
Definition
Promoting a low-priced item to attract customers to whom the business then tries to sell a higher priced item
Term
Business Cycles
Definition
Periods of expansion and contraction in economic activities
Term
Capital
Definition
Assets of a business
Term
Cash Flow
Definition
The movement of funds into and out of a business; determines the amount of cash the business has to work with at any given time
Term
Costs
Definition
The expenses involved with manufacturing, promoting, and distributing a product
Term
Elastic Demand
Definition
A form of demand for products in which changes in price correspond to changes in demand
Term
Fixed costs
Definition
Business costs that are not affected by changes in sales volume
Term
Growth stage
Definition
The product life cycle stage in which sales rise rapidly
Term
Inelastic Demand
Definition
A form of demand in which changes in price do not affect demand
Term
Introductory stage
Definition
The product life cycle stage when the product first appears in the marketplace
Term
Law of supply and demand
Definition
Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low
Term
Market price
Definition
Actual price that prevails in a market at any particular moment
Term
Market Share
Definition
An organization’s portion of the total industry sales in a specific market
Term
Mark-up
Definition
The difference between the cost of a product and its selling price
Term
Maturity Stage
Definition
The product life cycle stage in which sales peak and then increase at a slower rate or start to decline
Term
Monopolistic competition
Definition
A type of market structure in which a lot of businesses sell similar products that have only a few differences
Term
Obsolescence
Definition
The state of being outmoded or unfashionable
Term
Oligopoly
Definition
A market structure in which there are relatively few sellers, and industry leaders usually determine prices
Term
Operating Expenses
Definition
All of the expenses involved in running a business
Term
Price discrimination
Definition
An illegal activity in which a business charges different customers different prices for similar amounts and types of products
Term
Price fixing
Definition
Illegal business agreement in which businesses agree on prices of their goods or services, resulting in little choice for the consumer
Term
Pricing Objectives
Definition
Goals a company hopes to accomplish through its pricing strategies
Term
Product life cycle
Definition
The stages through which goods and services move from the time they are introduced on the market until they are taken off the market
Term
Product mix
Definition
The particular assortment of goods and services that a business offers in order to meet the needs of its market(s) and its company goals
Term
Profit
Definition
The income left once all expenses are paid
Term
Profit maximization
Definition
A profit-oriented pricing objective intended to give the firm the most possible profit
Term
Profit oriented pricing
Definition
A category of pricing objectives that focus on profit for the business
Term
pure competition
Definition
A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers
Term
Pure monopoly
Definition
: A condition in which a market is controlled by one supplier, and there are no substitute goods or services readily available
Term
Quality
Definition
The degree of excellence of a good or service—how good it is
Term
Return on investment
Definition
A profit-oriented pricing objective in which the business bases the amount of profit it wants to earn on the amount of its capital investment
Term
Return on sales
Definition
A profit-oriented pricing objective in which the business bases the amount of profit it wants to earn on the amount of its sales; often called target return
Term
Sales oriented pricing
Definition
A category of pricing objectives that focus on increasing total amount of income from sales
Term
sales volume
Definition
The amount of a firm’s sales; usually expressed in dollars
Term
Selling price
Definition
The amount a seller charges the purchaser for a good or a service
Term
Target Market
Definition
The particular group of customers a business seeks to attract
Term
Target Return
Definition
See return on sales
Term
Total costs
Definition
All of a business's costs, both fixed and variable
Term
Unit pricing
Definition
A pricing technique in which consumers are given the price per unit (pound, ounce, etc.) for products
Term
Variable costs
Definition
Business costs that change according to changes in sales volume
Supporting users have an ad free experience!