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Unit 3 Vocab
Marketing Principles
| Term | Definition |
|---|---|
| Economy | System of Production and distribution and consumption. The overall measure of a currency system. |
| Free Market | Market with unregulated trade, economic system is free from gov't intervention. Supply and Demand is regulated by prices, wages, and etc, rather than gov't. |
| Competition | Rivalry between sellers trying to achieve goals like increasing profits, market share, and sales volume by varying the elements of the marketing mix. |
| Profit | Excess of total revenues over total costs in a given time period |
| Price Competition | Rivalry among firms seeking to attract costumers on the basis of price . |
| Factors of Production | Productive resources of an economy. Land, Capitol, Labor, and Entrepreneurship. |
| Utility | The usefulness received by consumers from buying, owning, or consuming a product |
| Place Utility | Increased usefulness created by marketing through making a product available at the place consumers want. |
| Possession Utility | Increased usefulness created by marketing through making it possible for a consumer to own, used, and consume a product. it is also called ownership utility |
| Time Utility | Increased satisfaction created by marketing through making products available at the time consumers want them |
| Market Economy | 1. Economic system where decisions involving production and consumption are made by individuals and organizations without intervention from a central planning authority. |
| Communism | system where both state and private sector direct the way goods and services are bought and sold |
| Socialism | Political and economic philosophies that support social equality, collective decision making, and distribution of income based on contribution and and public ownership of productive capital, as advocated by socialists. |
| Capitalism | Socio economic system based on the abstraction of resources into the form of privately owned money, wealth, and goods, with economic decisions made largely through the operation of a market unregulated by the state . |
| Productivity | Measure of economic output per unit of input of some resource |
| Gross National Product (GNP) | Money value of a nation's entire output of final commodities and services in a given period |
| Consumer Price Index | Statistical measure maintained by the u.s government that shows the trend of prices of goods and services purchased by consumers |
| Producer Price Index | Monthly price index of about 2,000 commodities prepared by the u.s Bureau of labor statistics , formerly known as the whole sale price index |
| Inflation | Economic condition characterized by a continuous movement of the general price level. and increase in prices in a country that results in a decline in the purchasing power of consumers |
| Standard of Living | relative measure of the general well being of a person or group |
| Unemployment Rate | Percent of labor force without a job |
| Supply | schedule of the amounts of a good that would be offered for sale at all possible prices at any one instance of time . the number of units of a product that will be put on the market over a period of time . |
| Demand | schedule of the amounts that buyers would be willing to purchase at a corresponding schedule of prices, in a given market at a given time, the number of units of a product sold in a market over a period of time |
| Elastic | Elasticity is a measure of a variable's sensitivity to a change in another variable. elasticity refers the degree to which individuals, consumers or producers change their amount supplied based on price or income changes |
| Inelastic | A cut in price yields such a small increase in quantity taken by the market that total revenue decreases a situation in which the percentage of quantity in the market stretches less than the percentage drop in price |
| Equilibrium | Quantity and price offered by sellers equal the price and quantity offered by buyers |
| Mixed economy | System where both state and private sector direct the way goods and services are bought and sold |
Created by:
Lisandro
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