Marketing (Mix)
This is commonly used to evaluate a company's strengths, weaknesses, opportunities and threats.
What is a SWOT analysis?
A market with many different sellers and a relatively low price, near the cost of production.
What is 'perfect' competition?
Costs incurred by the company during the accounting period under consideration that must be paid no matter whether there is any production activity or the sale activity in the business or not.
What are fixed costs?
When you want to find information that confirms your own opinions.
What is a confirmation bias?
Expansion, peaks, recession and troughs are all fluctuations of economic activity along this long-term growth trend.
What is a Business Cycle?
A cooperative effort made between a for-profit and a non-profit organization, in which both benefit while helping others.
What is Cause Marketing?
A disadvantage of this type of organization structure might be that managers are stretched thin and the larger the organization gets the harder it is to maintain.
What is a Flat Organization Structure?
Errors in judgment or making quick judgments based on mental prototypes.
What are biases?
When people use irrelevant information as a reference point to make an estimate of something.
What is anchoring?
Unemployment caused by a lack of overall demand in the economy (due to a recession).
What is Cyclical unemployment?
When you are addressing the questions of 'Who do we serve?', 'How are we different?', 'What problem do we solve for our customers?', you are working on this.
What is branding?
A market structure in which a few large firms dominate a market.
What is oligopoly?
The term economists use when something brings you great satisfaction or happiness.
What is utility?
Simple, efficient rules people use to form judgments and make decisions. It allows us to make an educated guess without spending too much time working through the problem.
What is a heuristic?
The measure of the size of an economy of all final goods and services produced in a country during a single year.
What is GDP (Gross Domestic Product)?
This type of segmentation focuses on the intrinsic traits the target customer possesses.
What is Psychographic Segmentation?
An illegal agreement among firms to divide the market, set prices, or limit production.
What is collusion?
A principle that basically holds that an action is morally right if it produces the greatest good for the greatest number of people.
This theory of economic behavior states that people make judgments based on a limited amount of information and their cognitive capacity.
What is the concept of bounded rationality?
This type of unemployment is caused by a mismatch between job seekers and job openings.
What is Structural Unemployment?
Using data and analytics to continuously source promising opportunities or solutions to problems in real time, deploying tests quickly, evaluating the results, and rapidly iterating.
What is Agile Marketing?
When you have many sellers but few buyers.
What is an oligopsony?
By definition, this is economics.
What is the study of choice under scarcity?
When you tend to see yourself as above average leading to an increase in risk-taking behavior.
What is egocentrism?
A measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
What is the Consumer Price Index?