Basics of Business
Term used for the money a business brings in
Revenue
The quantity of a product that producers are willing and able to produce at a given price
Supply
Transportation, storage, and inventory control are activities of which marketing function?
Distribution
Difficult and costly to start
Sole proprietorship
Term used for the money a business pays out
Expense
The quantity of a product consumers are willing and able to purchase at a given price
Demand
The process of planning, pricing, promoting, selling, and distributing products to meet customers wants and needs.
Marketing
Double taxation
Corporation
American Red Cross is an example of this kind of organization
Nonprofit
Another term used to describe a market economy/free enterprise system is
Capitalism
In an overall sense, where does marketing occur?
Wherever customers are
Owner makes all decisions
Sole proprietorship
The goal for a business is to operate so it always makes __________
Profit
Study of how individuals and businesses make decisions to best satisfy wants, needs, and desires with limited resources
Economics
The four elements that make up the marketing mix are:
Product, place, price, promotion
Requires an agreement to start
Partnership
4 different types of businesses
What is local, regional, national, multinational
The fundamental economic problem that states that wants are unlimited, but resources are limited, therefore choices must be made on how to best allocate resources
Scarcity
Specific group of people a company is trying to market their product to
Target market
Owners are called shareholders
Corporation