Trade
The exchange of goods and services among nations
International Trade
Sets guidelines for workplace safety and environmental concerns
OSHA
When the government says you cannot charge over a certain amount
Price Ceiling
Changing raw materials into usable goods or putting parts together to make them more useful.
Form Utility
What is the group of people most likely to become customers called?
Target Market
Extra tax on imported goods
Tariffs
Regulates the labeling and safety of food, drugs, and cosmetics sold throughout the US.
FDA
the government gives money to encourage a behavior
Subsidies
Having the product or service where customers can buy them.
Place Utility
The idea that a business should aim to make customers happy while making money for the business
Marketing Concept
When a government restricts imports in order to protect domestic industries
Protectionism
Oversees the safety of products such as toys, electronics, and household furniture
CPSC
When actions of a company affect people with no relationship to the company
Externality
Having a product or service available at a certain time of year or a convenient time of day
Time Utility
What is the process of deciding how to get goods into customer's hands?
Channel Management
Limits either the quantity or monetary value of imported products
Quota
Regulates the sales of stocks and bonds
SEC
The way a nation provides for the needs and wants of its people
Economy
The exchange of a product for money
Possession Utility
____________ obtains, develops, maintains and improves a product in response to market opportunities
Product/Service Management
Total ban on goods going into or out of another country
Embargo
Protects consumers from unfair or deceptive business practices
FTC
Measures the change in price of 400 specific goods and services used by the average household.
CPI
Communicating information about the product or service with the consumer
Information Utility
Good businesses gather, store, and make decisions based on information about customers, trends, and competing products.
Market Information Management