vocab
Ethics
moral principles that govern a person's behavior or the conducting of an activity.
opportunity cost
the loss of potential gain from other alternatives when one alternative is chosen
Monopoly
a market structure that consists of a single seller or producer and no close substitutes
does business need ethics to survive
yes
na
Strategic Management
evaluates and may reorganize company resources to achieve new goals and objectives
Marketing Mix
a framework that uses the four Ps of product, price, placement, and promotion
Telemarketing
the direct marketing of goods or services to potential customers over the telephone, Internet, or fax.
Market Segmentation
a marketing strategy in which select groups of consumers are identified so that certain products or product lines can be presented to them in a way that appeals to their interests
na
Competitive advantage
the favorable position an organization seeks to be more profitable than its rivals
Product
an article or substance that is manufactured or refined for sale.
Enforcement
the act of compelling observance of or compliance with a law, rule, or obligation.
Bankruptcy
the state of being bankrupt.
na
SWOT
a decision-making technique that identifies the strengths, weaknesses, opportunities, and threats of an organization or project.
Marketing concept
the idea of satisfying the needs of the customer by means of the product as a solution to the customer's problem (needs)
False Advertising
untrue or misleading information given to you to get you to buy something, or to come visit their store.
Antitrust laws
Antitrust laws are regulations that encourage competition by limiting the market power of any particular firm
na
economics
the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making
CSR- Corporate Social Responsibility
the way through which a company achieves a balance of economic, environmental and social imperatives
Federal Trade Commission
enforces a variety of antitrust and consumer protection laws affecting virtually every area of commerce
pest anslysis
political, economic, social, and technological. This type of analysis is used to gauge external factors that could impact the profitability of a company.
na