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Marketing Essentials - Chapter 5
The free enterprise system
Terms in this set (28)
Free Enterprise System
System that encouraged individuals to start and operate their own businesses in a competitive market, without government involvement.
Government issued exclusive right to make, use, or sell an invention for up to 20 years.
Brand name, brand mark, trade name, trade character, or a combination of these elements that is given legal protection by the federal government.
The exclusive right to reproduce or sell a work authored by an individual, such as writings, music, and artwork,
Struggle between companies to attract new customers keep existing ones, and take away customers from another companies.
Sale price of a product; the assumption is that consumers will buy the product with the lowest prices.
Competition based on factors that are not related to price, such as a product quality, service and financing, business location, and reputation.
Exclusive control over a product or the means of producing it.
Possibility of a business lost.
The money earned from conducting business after all costs and expenses have been paid.
Amount of goods producers are willing to make and sell.
Consumer willingness and ability to buy products.
Supply exceeds demand.
Demand exceeds supply.
Business that sells it's products only in it's own country.
Business that sells it's products to more than one country.
Business that seeks to make profit from it's operation.
An organization that can function like a business but that uses the money it makes to fund the causes identified in its charter.
Local, state, and federal government agencies and services, such as public libraries and state universities.
Businesses not associated with government agencies.
Group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services.
The Demand for industrial goods based on the demand for consumer goods and services.
Channel of distribution that obtains goods from manufactures and resells them to industrial users, other wholesalers, and retailers.
Channel of distribution that buys goods from wholesalers or directly from manufacturer and resells them to consumers.
Process of creating, expanding, manufacturing, or improving on goods and services.
Business function of planning, organizing and controlling all available resources to achieve company goals.
Business function that involves money management
Discipline that keeps track of a company's financial situation.