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Marketing3.06

TermDefinition
Bait and switch advertising promoting a low priced product to get people to buy a pricier product
Business cycles periods of expansion and contraction in economic activities
Capital assets of a business
Cash flow movement of funds in and out of a business
Elastic demand A form of demand for products in which changes in price correspond to changes in demand
Inelastic demand A form of demand in which change in price does not effect demand
Law of supply and demand Economic principle; high demand= high supply Low demand= low supply
Market price actual price that prevails in a market at any particular moment
Mark-up difference between cost and its selling price
Monopolistic competition Market structure where a business sells similar products that have only a few differences
Obsolescence Being outmoded or unfashionable
oligopoly market structure in which there are relatively few seller and industry leaders usually determine prices
operating expenses expenses related to running a business
Price discrimination sells to different businesses at different prices
Price fixing companies setting prices
pricing objectives goals companies hope to accomplish by pricing
profit maximazation profit oriented pricing objective to give the most profit
profit oriented pricing objective focuses on profit
pure competition same product selling at the same price
pure monopoly controlled by one company
return on investment bases profit of off investiments
return on sales profit based on sales
sales oriented pricing focussed on increasing sales
sales volume firms sales
selling price what somethings actually sold for
target return return on sales
total costs all a businesses costs
unit pricing price per unit
variable costs costs that change
Created by: tiffany.page18
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