Term
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Definition
| companies that make goods |
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Term
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Definition
| companies that sell goods to consumers |
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Term
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Definition
| people who buy and use products |
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Term
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Definition
| products that are made or sold |
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Term
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Definition
| business that does not involve a product- the business is paid for providing a service. |
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Term
| What is an economic system where people choose what to buy and companies choose what products to market with little government intervention ? |
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Definition
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Term
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Definition
| the money leftover after expenses and taxes are deducted form a companies sales |
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Term
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Definition
| companies try to sell the same products to the consumer |
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Term
| How do companies try to stay ahead of the competition? |
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Definition
| price,quality or innovation |
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Term
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Definition
| the amount of a product that is available for the consumer to buy |
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Term
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Definition
| the amount of customers interested in buying a product |
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Term
| A product is cheapest when the demand is low or high? |
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Definition
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Term
| A product is most expensive when the demand is low or high? |
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Definition
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Term
| If the supply of a product is low the price will most likely be low or high? |
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Definition
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Term
| Suppliers will make only a small profit if the supply is ______ than the demand. |
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Definition
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Term
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Definition
| raw materials, money,equipment,workers |
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Term
| What is the standard of living? |
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Definition
| the way that people live based on the goods and services that people can afford |
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Term
| What is pure competition? |
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Definition
| no single company is large enough to control prices |
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Term
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Definition
| only a few large firms control a product or service, very little competition |
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Term
| What is a market in which there are no direct competitors called ? |
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Definition
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Term
| What is meant by the term economies of scale ? |
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Definition
| cost reductions resulting from large scale mass production |
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Term
| A type of business owned by just one person. |
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Definition
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Term
| What is meant by the term liability? |
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Definition
| responsibility for debts and legal obligations |
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Term
| An unincorporated businesses owned by two or more people is called a.. |
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Definition
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Term
| What are businesses owned by shareholders called? |
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Definition
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Term
| What are the advantages of a sole proprietorship? |
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Definition
| taxed at a personal rate, owner has freedom to run the business and make all decisions, only the owner knows what is going on in the business |
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Term
| In which form of business is the company a seperate legal entity with most of the same rights as a person? |
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Definition
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Term
| True or false- shareholders are responsible for all of the debts of a corporation.. |
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Definition
| False- a shareholder can only lose the amount of money that the stock cost |
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Term
| True or false- a corporation must tell the government and it's stockholders about it's finances-sales and profits |
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Definition
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Term
| A company that sells shares to the general public on the stock exchange is known as a |
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Definition
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Term
| A company where most shares are owned by executives in the corporation is a |
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Definition
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Term
| If a corporation is organized to benefit others and is not intended to make money, it is called a |
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Definition
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Term
| Reoccurring fluctuations in the level of economic activity are called? |
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Definition
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Term
| National income,employment and production fall to a lower rate during a ...... |
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Definition
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Term
| An improving business climate leads to ... |
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Definition
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Term
| What is meant by consumer confidence? |
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Definition
| when the general public feels that it is a good time to spend money- wages and employment are rising |
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Term
| What is meant by the term marketing? |
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Definition
| the total process of finding or creating a profitable way to sell goods and services |
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Term
| What are 3 things you need to know about the customer in order to create a marketing strategy? |
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Definition
| Who is your customer? What do they want? How much will they pay? |
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Term
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Definition
| The segment of the population that a company wants as customers, usually based on common characteristics. |
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Term
| What are the 4 elements of the marketing mix? (4 P's) |
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Definition
| Product,price,place ,promotion |
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Term
| In the 4 P's "product" refers to... |
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Definition
| what goods or services will be sold |
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Term
| In the 4 P's, what term refers to how and where products are sold to the customer? |
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Definition
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Term
| What marketing process involves planning,buying and selling? |
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Definition
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Term
| What is meant by the term channel of distribution? |
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Definition
| The route that products take from the original source to the end user |
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Term
| What is the channel of distribution for clothing ? |
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Definition
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Term
| What does the textile segment of the soft goods chain start with? |
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Definition
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Term
| What are continuous strands of textile fibers called? |
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Definition
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Term
| What is the final step in textile production? |
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Definition
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Term
| In what segment of the soft goods chain are garments manufactured? |
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Definition
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Term
| Wholesale sales belongs to what segment of the softgoods chain? |
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Definition
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Term
| What is vertical integration? |
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Definition
| combining two or more steps in the softgoods chain (pipeline) within one company. I.E. a manufacturer opens a store |
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Term
| What are private label goods? |
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Definition
| Products that are made exclusively for one retail store |
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Term
| What kind of products hardly ever change and are in constant demand ? |
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Definition
| Commodity products (staples) |
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Term
| What kind of products change in popularity or demand based on the season? |
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Definition
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Term
| What kind of products are always changing? |
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Definition
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Term
| What are trade associations? |
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Definition
| Non-profit,voluntary organizations made up of businesses that have common interests. |
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Term
| What are trade publications? |
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Definition
| Magazines,newspapers and books that are written for professionals in a certain industry. |
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Term
| Is Vogue a trade publication? |
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Definition
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Term
| Is Women"s Wear Daily a trade publication? |
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Definition
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Term
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Definition
| an increase in the size of the market (number of customers)for an item |
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Term
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Definition
| the part of the total available market (customers) controlled by a company |
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Term
| What are market segments? |
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Definition
| dividing the total market into groups that contain similar customers |
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Term
| What is target marketing? |
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Definition
| a specific group of customers that a company believes it will appeal to |
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Term
| What is meant by the term demographics? |
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Definition
| vital statistics like age,gender,income that are used to group customers together |
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Term
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Definition
| statistics that try to explain consumer behavior through lifestyles,values,what people think and feel |
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Term
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Definition
| gathering and analyzing information about a particular market |
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Term
| What are 4 methods of doing consumer research? |
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Definition
| surveys,consumer panels,focus groups,computer data bases |
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Term
| What are information systems? |
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Definition
| computer software that helps to collect and record information |
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Term
| What are bar codes and what are they used for? |
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Definition
| black and white bars on merchandise tags that store information about the item, which is recorded by the computer |
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Term
| What device is used to read bar codes? |
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Definition
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Term
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Definition
| a method of linking vendors and retailers together by computer in order to keep stores in stock |
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