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Marketing essentials Graham
Marketing Chapter 5
24
Marketing
11th Grade
10/07/2013

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Term
accounting
Definition
Is the discipline that keeps track of the company's financial situation.
Term
Production
Definition
The process of creating,expanding,manufacturing or improving on goods or services is called production.
Term
Wholesalers
Definition
obtain goods from manufacturers and resell them to individual industrial users.
Term
industry
Definition
consist of a group of establishments primarily engaged in producing or handling the same product or group of product of
Term
private sector
Definition
organizations that purchase one third of the goods and sold in the united states
Term
public sector
Definition
businesses that arnt associated with the government agencies
Term
nonprofit organisations
Definition
functions like a business but uses the money it makes to fund itself
Term
for-profit organizaions
Definition
seeks to make profits
Term
global buisness
Definition
sells its products in more than one country
Term
domestic buisness
Definition
because a domestic buisness limits its scope of operation to one country, its opportunities for growth are limited to customers within that country
Term
demand
Definition
refers to consumer willing-ness and ability ti buy products
Term
supply
Definition
is the amount of goods producers are willing to make and sell
Term
business risk
Definition
is potential loss for failure
Term
monopoly
Definition
is exclusive control over a product or the means of producing it
Term
non price competition
Definition
businesses choose to compete in the basis of factors
Term
price competition
Definition
focuses on the sale price of a product
Term
competition
Definition
essential part of free Enterprise system
Term
copyright
Definition
involves anything that is authored by an individual
Term
tradeamark
Definition
is a word,name,symbol, sound or color that identifies a goods service
Term
patent
Definition
on your invention, so nobody can steal your idea
Term
free enterprise system
Definition
encourages individuals to start and operate their own buisnesses
Term
retailers
Definition
buy goods from wholesalers and manufacturers and cater to the market
Term
CPI
Definition
change in goods (everyday goods)
Term
derived demand
Definition
industrial market based on the comsumer goods
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