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MarketingVocats3.05

QuestionAnswer
Encourages individuals to start and operate their own business with limited government involvement-allows the market to determine prices through supply and demand-also referred to as private enterprise. Free Enterprise System
ability to choose a house, car, job or business Freedom of Ownership
A rivalry between 2 or more businesses to gain as much of the total market sales or customer acceptance as possible. Competition
Two or more companies that utilize the same type of business format. For example, McDonalds versus Burger King Direct Competition
Two or more companies that employ different types of business formats to sell similar goods. For example, McDonalds versus Applebee’s. Indirect Competition
Focuses on the selling price of a product. Consumers prefer to buy products that are lowest in price. Price Competition
Based on factors that are not related to price. Non-price competition includes the quality of products, customer services, business location, business reputation, and the qualifications of the salespeople. Non price Competition
When one company has exclusive control over a product or the means of producing it. Monopoly
The potential for loss or failure Risk
The money earned from conducting business after all costs and expenses have been paid. Profit
Created by: melinda.fornes
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