Marketing
Product, Price, Place, and Promotion
What are the 4 P's of the Marketing Mix?
This document is used to calculate the Gross Profit or Gross Loss of a business.
What is Income Statement 1?
A person who buys goods & services for their own use
What is a Consumer?
This is a market where no competition exists
What is a Monopoly?
A reward given for saving money, or the cost of borrowing money, from a financial institution
What is Interest?
The path a product follows from the manufacturer to the consumer
What is a Channel of Distribution?
This document is used to calculate the Net Profit or Net Loss of a business
What is Income Statement 2?
This law states that goods must be of merchantable quality, fit for purpose, as described, and must correspond to the sample shown
What is the Sale of Goods & Supply of Services Act 1980?
As the price of goods or services increases, the quantity demanded will decrease, and vice versa
What is the Law of Demand?
This is a government tax on interest earned from a financial institution
What is DIRT?
How a business communicates information to consumers to encourage them to buy their products
What is advertising?
Customers who owe money to the business from credit sales
Who are Debtors?
This can be either a refund, repair, or a replacement
What is redress?
Goods that are in joint demand. If you buy one, there will be demand for the other
What is a Complimentary product?
Something of value that a borrower promises to give to the lender, if they are unable to pay back their loan
What is Collateral?
The direct promotion of goods & services by an influential social media user to a target market of followers
What is Influencer Marketing?
The reduction in value of a fixed asset over time
What is Depreciation?
A period of 14 days whereby a consumer can cancel their online order for any reason
What is a 'Cooling-off' Period?
The point at which the quantity demanded and the quantity supplied are the same
What is Market Equilibrium?
A person who has agreed to pay back the loan if the applicant is unable to
What is a Guarantor?
Gathering, recording, and analysing information about the wants and needs of consumers
What is Market Research?
(Opening Stock + Purchases + Carriage In + Customs Duty) - Closing Stock
What is Cost of Sales?
Has the power to investigate businesses that are breaking consumer and competition laws
What is the CCPC?
A market where goods & services are bought and sold illegally
What is the Black Market?
A long-term loan for a house or other property
What is a Mortgage?