Marketing Concepts - Part I

What are the rules of behavior based on ideas about what is right and wrong called?

Which of the following are the factors of production?

Describes something that is constantly changing.

_ is a document describing business/marketing objectives & strategies & tactics to achieve them

The strategy for using the elements of the four Ps.

What is an economy in which individuals are free to make their own economic decisions?

When demand is higher than the available resources, it is called _____.

What is an economy where the government makes all of the economic decisions?

A relationship between two or more people who join to create a business.

The part of business that focuses on the customer.

SMART in SMART goals stands for:

"An artificial being, invisible, intangible, and existing only in contemplation of the law."

What is an economy in which most citizens have just enough to survive?

An approach to business that focuses on satisfying customers to achieve profit goals.

What form of business ownership is owned by one person?

____ is behaving with sensitivity to social, environmental, and economic issues,

The function that determines which products a business should offer to meet customer needs.

____ function of business includes all activities involving money.

Any activity related to making a product (good, service, or idea).

Involves gathering and analyzing information about markets, customers, trends, competition, etc

The idea that money is worth more today then would be in the future.

The process of controlling and making decisions about a business.

The economic principle relating to the quantity of products available to meet consumer demand

Activities involved in getting products through different routes from producers to customers.

What is an economy where both the gov't & individuals make decisions about economic resources?