Marketing
The social environment includes your personal lifestyle within a specific culture.
How are social environments different from cultural environments?
different social attitudes
aspects of local culture
To sell successfully to a specific target market, what are two factors that a business must consider?
consumer acceptance
When people agree with the environmental stance a company takes, they are demonstrating _[blank]_.
land
Lakes and trees are examples of which type of resources?
the approval or favorable attitude of the public toward a company or product
What is consumer acceptance?
peaks and troughs
Which concept describes the highs and lows of price changes?
supply and demand
Which economic concept explains the complex interaction between how much of a good consumers want and how much of the good is available for purchase?
possession
What economic utility is concerned with the value a consumer places on owning a product?
a valuable action that satisfies a need
What is a service?
scarcity
Sherri has been saving up for a special camera she wants. When she goes to purchase it, she finds out that many people want this camera, supplies are running low, and the price has increased.
Which term best describes this situation?
the importance of the good to that consumer
What will cause a consumer to purchase a good that is scarce and therefore costs more?
profit
What is the most important incentive for a business in a market economy?
the monetary gain a business earns once all other costs to sustain that business have been met
Which answer defines profit?
reward
Which is another word for incentive?
a profit
What must a company generate in order to stay in business?
demand
supply
Which factors affect the pricing function?
similar products being sold to the same consumers
Which answer best describes product competition?
the approval or favorable attitude of the public toward a company or product
Which answer defines consumer acceptance?
Consumers choose what to buy based partly on price. Businesses consider this as they determine the pricing for their products.
Which answer best explains the concepts of pricing?
The Best students in the state.
Who are Primavera Kids!