PDC
What Does PDC stand for?
Production, Distribution, Consumption
What is supply and demand?
Supply is the amount of goods and services that the producer (business) is willing and able to produce.
Demand is the amount of goods and services that the consumer (you and I) is willing and able to purchase.
what is profit?
money leftover after a business pays its costs
what are 3 main components of the promotion
inform, persuade, remind
what are the 2 types of competition?
price and non-price competition
What is a service?
a non-physical/intangible product (tutor, auto mechanic, etc)
what did the iran war caused a shortage of?
gas and oil
what is credit?
credit is borrowed money
(think of credit cards)
This marketing function is the act of providing customers with the goods and services they demand.
Selling
What's another name for the free enterprise system
capitalism or market economy
What is a good?
a physical/tangible product (chair, apple, shirt, etc)
what is a surplus?
A surplus is when we have more Supply than Demand
What is capital
money that you've personally invested into the business
What is a SWOT analysis?
When a company analyzes its strengths, weaknesses, opportunities, and threats
what social theory is linked to the free enterprise system?
Social Darwinism
What is the difference between durable and non-durable goods?
Durable goods are built to last, such as appliances (aka non-perishable)
Non-durable goods are products that don't last long, like food (aka perishable)
What is a shortage?
a shortage is demand is greater than supply
What outlawed monopolies?
Sherman Antitrust Act
Which marketing function revolves around gathering feedback and competitive information to improve your good or service
product/service management
private property, choose an employer, choice of career, Free to enter into business at any time and earn a profit, and competition.
What are the 5 main methods of distribution?
truck, train, plane, ship, and retailing
What is it called when supply and demand are in perfect harmony
equilibrium
Name 3 of the 5 U.S. federal regulatory agencies that we learned about
EPA, OSHA, CPSC, FDA, EEOC
This marketing function must consider factors such as production costs, competition, supply and demand, and government regulations before making a decision.
Pricing
what % of millionaires are first timers
80-90%