Econ
The economic system that America most closely identifies with
What is Capitalism?
Includes everything contained in the earth and found in the seas. Natural resources. ex: Oil or Coal
What is a Land? (Resource)
The worlds longest river
What is the Nile?
This function is the one primarily responsible for advertising
What is Promotion?
A local neighborhood bakery traditionally closes at 4:00 PM. However, after noticing a surge in remote tech workers looking for late-evening snacks and coffee, they extend their operating hours until 10:00 PM.
What is the Time Utility?
This system has total government control and countries are often ruled by a dictator
What is Communism?
A good or service that is a necessity for survival
What is a Need?
The only vegetable that is also classified as a flower
What is Broccoli?
Consists of customers who purchase goods and services for their own personal use.
What is the Consumer Market?
A local organic vegetable farm has traditionally sold its produce exclusively at a weekend farm stand located 15 miles outside the city. To capture more sales, the farm begins setting up a weekly pop-up stand right in the middle of a downtown pedestrian plaza.
What is the Place Utility?
This economic system is often referred to as a transitional system, moving towards another more controlling economic system
What is Socialism?
Organized way that a nation provides for the needs and wants of its people.
What is an Economy or an Economic System?
The first Disney Princess
Who is Snow White? (Movie released in 1937)
This market includes all businesses that buy products for use in their operations. (B2B)
What is the Organizational Market or Business to Business Market?
Primarily concerned with changing raw materials or assembling components into a finished, usable product for consumers
What is the Form Utility?
Karl Marx envisioned this system that seeks to create a classless society, in which the government is in control of most things.
What is Communism?
The four types of Resources
What are: Land, Labor Capital, Entrepreneurship
In this year the first iPhone was released
What is 2007?
The Marketing Mix consists of:
What are: Product, Place, Price, Promotion?
An automobile dealership introduces a promotion offering "0% APR financing for 72 months" alongside a program that lets buyers complete the entire purchase online and have the paperwork signed digitally at home.
What is the Possession Utility?
Includes the money to start and operate a business, and also includes the goods used in the production process. *Includes infrastructure.
What is Capital? (Resource)
ALL the things used in producing goods and services. Economists sometimes use the term “factors or production”
What are Resources?
This person holds the title of top scorer of all time in NCAA Division I basketball
Who is Caitlin Clark? (3,951 points, passing Pistol Pete's 3,667 points in 2024)
The Marketing Concept
A company's main goal is to satisfy customer wants/needs while making a profit.
A high-end electronics manufacturer includes a sleek QR code on the packaging of its smart home camera. Scanning the code opens an interactive 3D setup guide, clear safety warnings, and a live chat link for technical questions.
What is the Information Utility?