Business Overview
Any organization or activity that provides goods and services to earn a profit
What is Business
__________ involves the process of planning, pricing, promoting, selling, and distributing goods or services to create exchanges that satisfy customers.
What is Marketing
Anything that an organization offers to satisfy consumer needs and wants
What is a Product
Network of organizations and processes that links producers to consumers.
What is Channel of Distribution
When the quantity demanded and the quantity supplied meet
What is Equilibrium Price
People who risk their time, money, and other resources to start and manage a business.
What is Entrepreneurs
What are the 4 P's of Marketing?
What is Price, Place, Product, Promotion
Qualities of this are as followed: Intangibility, Inseparability, Variability, and Perishibility
What is a Service
Distribution organizations that facilitate the movement of products from a producer to a consumer
What is Channel Intermediaries
A shortage of resources
What is Scarcity
Today, firms aim to build long term relationships with customers
What is Relationship Era
_________ forces companies to create better products and results in better prices for the consumer.
What is Competition
Group of Products that are closely related to each other.
What is a Product Line
Aims to maximize profitability by offering new products at a premium price.
What is Skimming Pricing
Includes wheat, tractors, labor, and so much more.
What is Factors of Production
Synthetic resources that a business needs to produce goods or services
What is Capital Resources
A philosophy that a business should work to satisfy customer needs and wants while generating a profit for the business
What is The Marketing Concept.
Overall value of a brand to an organization
Offering and selling a product right to the consumer with no "middle men"
What is Direct Selling
Private enterprise owns the means of production and the government does not involve itself in economic decisions
What is Free Market (Capitalist) Economy
The Rate at which a new product moves from conception to commercialization.
What is Speed to Market
Businesses and marketers should focus on what to have good marketing?
What is Society, trends, social media, etc.
What is Brand Extension, Co Branding, Mixed Branding, and Re-Branding
Fill in the blank for the following equation:
Break Even Point=Total fixed costs / (Selling price per unit - _____________)
What is Variable Cost Per Unit
Many competitors selling differentiated products