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Make Cents
PI-003
40
Marketing
9th Grade
12/17/2013

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
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