Economy
U.S Currency
U.S dollar
How much one needs a certain product.
Demand
Partnership, sole proprietorship, corporation, limited liability corp., corporation, and cooperative.
3 types of Advertising
Online ads, magazine ads, and commercials.
What is exchange rate?
The conversion from one type of currency to another.
A term used to describe the lack of jobs.
Unemployment
How much of the product is available.
Supply
Define Licensing.
The permission and authorization given to other businesses to use a copyrighted part of another businesses product whether it is the name, theme song, design, ect.
What are Marketing Functions?
Marketing functions are components of marketing that allow for success.
What is the purpose of advertising?
To allow more sales and increase popularity.
Four types of Economy
Traditional Economy, Communist Command, Socialist Command, and Mixed/Market.
Name 2 of the factors that effect the demand of a product.
Price of other goods and the amount of people willing to buy the product.
What is a joint venture.
Alliances where two or more businesses start a relationship where resources are combined and shared.
Why are marketing function important?
Marketing functions are components, without one, the others do not fit. It is like a puzzle, without one piece the picture isn’t there.
Who determines demand of a product?
Consumers
Economy where methods ancestors had used are passed down in order to create and sell products.
Traditional Economy
What factors effect supply of the product.
Production cost and how many companies are producing the product.
Two types of franchising.
Business-format franchise and piggyback franchise.
What is the purpose of the Market Function "Pricing"?
This allows for control of the price of a product. Those in charge can increase, decrease, or keep a product the same price.
What is Magazine advertising?
Ads placed in Magazine to sell the product.
What is the currency in Italy?
Euro
Law of demand.
“The quantity of a good or service that consumers will buy varies inversely with the price of the good or service."
Define a corporation.
Corporation is under an owner however, is able to function separately still holding rights, duties, and power.
What is the important of marketing information?
This allows for good decisions to be made pertaining the products. Information is collected to enhance the product.
What is product placement?
How a company places products in shows, videos, and movies to increase sales.