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Marketing vocab-nima

vocab and terms

opportunity costs value of the next best alternative that you pass up when making a choice
revenue stream an activity that will produce money
profit the amount of money remaining from income after all expenses are paid
profit motive when a company makes decisions on how to use resources in ways that result in the greatest profit
productivity rate at which companies produces goods and services in relation to the amount of materials and number of employees idealized
venture capital financing provided to start a company in return for owning a part of the company
income statement a statement that shows all revenues received and all expenses incurred over a specific period of time
economic market all of the consumers who will purchase a product or service
mass marketing an attempt to appeal to a large general group of consumers
marketing concept keeping the focus on satisfying customer needs; requires maintaining important relationships with customers
target market a specific group of consumers a business wants to reach
patronage purchase purchases based on consumers loyalty to a particular brand of product
rational purchase when consumers recognize needs and wants, assess their priorities and budget, conduct research, compare alternatives, and then make purchases based on careful though and sound reasoning
budget a detailed projection of financial performance for a specific period of times
benefits derived the value people believe they will receive from a product or service
customer service gap the difference between customers expectations and the service that is actually received
comparative advantage the capability to produce products or services more efficiently and economically than the competition
forecast a report that predicts the expenses to be increased and the revenues to be earned
economic impact the effect produced by decisions that are made by consumers and businesses
economics the study of how goods and services are produced, distributed and consumed
loss occurs when not enough revenue is made to cover the expenses
market share the percentage of total sales of a product or service that a company
return on investment (ROI) calculates the businesses return as a percentage of the money invested
economic utility the amount of satisfaction a person receives from the consumption of a particular product or service
form utility improving the physical characteristics of a product or service
time utility the result of making the product or service available when the consumers want
place utility ensures that the product or service is available where the consumers wants it
possession utility results from making the product or service available at an affordable price
scarcity occurs when there is a limited amount of resources needed to produce and distribute goods or services
Created by: nima.kargbo
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