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Marketing Essentials- Chapter 5 Graham
The Free Enterprise System
25
Marketing
Not Applicable
12/05/2012

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Term
Free Enterprise System
Definition
Encourages individuals to start and operate their own businesses in a competitive system
Term
Trademark
Definition
Word, name, symbol, sound or color that identifies a good or service that cannot be used by anyone but the owner
Term
Copyright
Definition
Involves anything that is authored by an individual such as writings
Term
Competition
Definition
Gaining customers from another company
Term
Price competition
Definition
Focuses on the sale price of a production with assumption everything is equal, customers want lower prices
Term
Nonprice competition
Definition
Businesses that choose to compete on the basis of factors that are not related to price
Term
Monopoly
Definition
Exclusive control over a product or the means of producing it
Term
Business Risk
Definition
The potential for loss of failure
Term
Profit
Definition
The money earned from conducting business after all cost and expenses have been paid
Term
Supply
Definition
The amount of goods producers are willing to make and sell
Term
Demand
Definition
The customers willingness and ability to buy products
Term
Domestic Business
Definition
A business that sells its products only in its own country
Term
Global Business
Definition
A business that sells its products in more than one country
Term
For-profit Business
Definition
Seeks to make a profit from its operations
Term
Nonprofit Organization
Definition
Functions like a business but uses the money to fund the cause indentified
Term
Public Sector
Definition
Local, federal and government run agencies and services
Term
Private Sector
Definition
Businesses that are not associated with the government
Term
Industry
Definition
Consists of a group of establishments primarily engaged in producing or handling the same product,group of products or services
Term
Derived Demand
Definition
The demand for industrial goods based on the demand for consumer goods and services
Term
Wholesalers
Definition
Obtain goods from manufacturers and resells them to industrial users, other wholesalers and retailers
Term
Retailers
Definition
Buys goods from wholesalers or directly from manufacturers and resells them to the customer
Term
Production
Definition
The process of creating, manufacturing, or improving on goods and services
Term
Management
Definition
The process of achieving company goals by effective use of resources
Term
Finance
Definition
The function of business that involves money management
Term
Accounting
Definition
The discipline that keeps track of the company's financial situation
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