The Basics
This law states that as price increases, quantity demanded usually decreases
The law of demand
What are goods?
Tangable items that are manufactored, bought, sold, and owned
This term refers to promoting a product through paid messages like TV, online ads, or billboards.
Advertising
This term refers to how easily consumers can respond to a change in price.
Elasticity
A good or service that is bought and sold
Product
What are the 4 Ps of marketing
Product, price, place, promotion
A market structure with only one seller.
Monopoly
A written document that outlines a company’s goals, strategies, and finances
Business Plan
This term refers to a specific group of customers a business aims to reach.
Target market
The total value of all final goods and services produced in a country.
GDP (Gross Demestic Product)
What are variable costs?
Costs that increase or decrease depending on how much a business produces.
Marketing done through online channels like email, websites, and search engines
Digital Marketing
When demand is greater than supply, this usually happens to prices.
Prices increase
The ability of a business to pay its short-term debts.
Liquidity
The use of data to understand customer behavior and improve marketing decisions.
Marketing analytics