Marketing
Product, Price, Place and Promotion make up this
Marketing Mix (4 Ps of Marketing)
This is what countries use to help them determine how to produce and distribute goods/resources
Economic System
Entrepreneur
These people control the power of supply and demand
Consumers
This is a metric used to determine the amount of money earned per individual in a nation
PCI (Per Caita Income)
Choosing a target market based off of where people live would be an example of this
Geographic Market Segmentation
These are the four main types of economic systems
Comand, Market, Traditional, Mixed
the cons of this form of business ownership are Disagreements, Unlimited Liability, Death
Partnership
This is when a business (franchise allows a franchisee) to use its intellectual property to start a new location of a pre-existing business
Franchise
If you stand for nothing, what do you fall for?
Everything
Customer loyalty and repete customers are a result of this
Relationship Marketing
Supply and Demand Control the production and distribution of goods in this type of economy
Market Economy
The pros of this form of business are Limited liability and High Financial Backing
Corporation
To pick your target market you use this
Market Segmentation
The 80/20 Rule states that
80% of your business comes from 20% of your customers
Age, Gender and Income are things you would look at to do this marketing practice
Demographic Segmentation
This Shows the value of all finished goods and services made within a country during a specific period
GDP (Gross Domestic Product)
This is a grant from the government that protects a word, logo, slogan, symbol, design
Trademark
A grant from the government that prohibits other companies from making, having made, using, leasing, offering to sell, selling, or importing an invention in the US.
Patent
In a sock drawer mixed up with black and white socks, how many socks would you have to pull out of the drawer to gaurentee you got a pair
3 Socks
If you wanted to target Gen Z customers these would be some of your best platforms to work on
Instagram, Tik Tok, Youtube
This Economic system allows freedom but also puts regulations on business that protect the consumers from big business
Mixed Economy
This is a work or invention that is the result of creativity
Intellectual Property
Juice World got sued because his mega hit "Lucid Dreams" used a beat from a song that had one of these
Copyright
I speak without a mouth and hear without ears. I have no body, but I come alive with wind. What am I?
An Echo