economic process
the stage of business cycle that promotes high confidence in economy; increases spending, lowers unemployment; provides numerous jobs
what is prosperity
the business must satisfy needs and wants of their customer to compete
what is Opportunity Cost
market that is trying to sell to a certain group of people
what is target market
the item you are selling
what is product
all 4 marketing mixes
what is product, price, place, promotion
stage of business cycle that decreases confidence in economy and reduces spending and increases unemployment
what is Recession?
person who buys the product
what is customer
has a customers buying habbits and demographics on it
what is customer profile
advertising you product
what is promotion
event in 1929 that devastated the economy
what is the great depression
stage of business cycle that promotes little confidence in economy, limits spending, increases unemployment. can skip if you want
what is depression?
person who uses products
what is consumer
distribution, selling, pricing, product, management, promotion and finance
what is the seven funtions of marketing
where and what time you are selling your product
what is place?
gross domestic product
what is GDP
the stage of the business cycle that displays increasing confidence in economy also increased spending and decreasing unemployment
what is recovery
obtaining the money necessary for business operations
what is financing
giving stores your product to sell
distribution
the amount of money you pay for the product
what is price?
over supply of product
what is surplus
point where the supply equals the demand
what is the equilibrium point?
managing market information to maximize business decisions
what is Marketing Information Management
goods a buyer can see
what is tangible goods
the other name for marketing mix.
what is the 4 p's
the good or service you give up when you choose another good or service
Opportunity Cost