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Terms in this set (74)
What service to develop
What to charge for product/ service
Where to see the product/service
How to advertise and promote to consumer
strengths, weaknesses, opportunities, threats
Good internal benefits
Bad internal benefits
New business opportunities
External like another business doing better
a particular group of consumers at which a product or service is aimed.
Stats that describe a population in terms of personal characteristics
Study of consumers social and psychological characteristics
Based on where people live
Income after taxes, necessities not into account.
Amount of income one must invest; save or spend after taxes
The portion of a market controlled by a particular company or product
Environmental Scan (PEST)
Political, Economical, Socio-cultural, Technological
Electronics, food products
Auto repair, dry cleaner, air lines
Business to Business; Wants products that improve productivity
Comprehensive document or blueprint that outlines a business advertising and marketing efforts for the coming year.
7 functions of marketing
Distribution, Financing, Marketing Information Management, Pricing, Product Service Management, Promotion & Selling
form, place, time, possession, information
Getting goods to customers
Acquiring money to set up a business
Marketing Information Management
Researching trends, customers and competitors
charging for goods and services to make a profit
Product service management
Developing and maintaining a product
Putting parts together to make a product
Offering where customers can buy product
Convenient time for customers
Allowing customers to take ownership
communicating to consumer
Company, Customers, Competition
Where parties engage in exchange
Types of economies
Traditional, Command, Market, Mixed
traditions and rituals answer the basic questions of what, how, and for whom
The Gov. makes all economic decisions
No Gov. involvement
All economies in the world are mixed
Type of economy the US has
Business Cycle in order
Expansion, Recession, Trough, Recovery
Economy is flourishing
Period of economic slow down for 6+ months
When economy reaches lowest point then begins to rise
Renewed economic growth following recession
Nationally imposed controls and restrictions that regulate the flow of Goods, Services, Tariffs, Quotas, Embargoes
They regulate international trade; World Trade Organization
International Businesses (Types and level of risk)
Contract Manufacturing, Joint Venture, Foreign Direct Investment
Hiring manufacture to make product
Business that companies set up together
Foreign Direct Investment
Establishing a business in a foreign country
Letting another company use something for a fee, such as a Trademark, Patent, Special formula, Company name, or Intellectual Property. Lowest Risk.
the difference between the value of imports and of exports
Positive balance happens when exports are more than imports
Positive balance occurs when imports are more than exports
Gross Domestic Product (GDP)
The total value of goods produced and services provided in a country during one year.
Advertising, Selling, Direct Marketing, Sales Promotions
Skills use to send and receive messages. Listening, reading, writing and speaking.
What type of economy does the U.S. have?
T/F All economies are mixed economies
What does NAFTA stand fro?
North American Free Trade Agreement
T/F Equilibrium is usually reached within 6 months of a new business operating
At the DECA Den we began selling Gatorade. After 3 months of offering the product, our fridge space was still full of them with very little sales. What is this an example of?
A country is considered to be in recession after how many months of economic decline?
The law of demand states: when price goes up, demand goes...?
T/F Private sector companies are financed by the government
Each of the following are one of the 4 functions of business EXCEPT:
Carlos is starting a business in another country possibly. Best option?
Letting a company use his patent
Allowing a company in another country to pay you a fee in order to use your idea/patent is known as what?
What is a Quota?
A tax on an import
Which of the following has a command economy?
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