Economic Activity
The general decline in prices throughout an economy?
Deflation
A plan that helps a business meet its overall goals and objectives
Marketing Startegy
A person who starts a new business or purchases an existing business
Entrepreneur
Fixed payment for work and is expressed as an annual figure.
Salary
The process of deciding which products will appeal to the market
Product planning
The amount a borrower pays to a lender for a loan.
Interest
What is the missing 4P in marketing? Price, Product, Place, _____________
Promotion
The process of setting goals and deciding how to accomplish them.
Planning
The process of ending the relationship between an employer and an employee
Termination
A written document that states the quality of a product with a promise to correct certain problems that might occur
Warranty
What stage of the business cycle is it when it begins to go up?
Expansion
Type of marketing that focuses on building long-term relationships with customers.
Relationship Selling
Gathering and analyzing information about a business
Market research
Serves as an overview of a company and their opperations
Orientation
The amount of money requested or exchanged for a product
Price
What stage in the business cycle is it at its highest before the fall?
Peak
Dividing the market based on where customers live.
Geographic Segmentation
The money necessary to start and open a business
Start up capital
Income paid as a percentage of sales made by a salesperson.
Commission
Pricing objective based on offering the lowest price to get the largest number of customers to buy the product
Maximizing Sales
The general rise in prices throughout an economy
Inflation
Anything that can be bought or sold
Product
An asset pledged to a lender that will be claimed if the loan is not repaid.
Collateral
Requires that women and men receive equal pay for equal work
Equal pay act
Production cycle stage: More competitors enter the market, and the high price of a new product usually falls
Growth Stage