Business Foundations

Changing raw materials or putting pieces together to make them more useful

Combination of the three economic models that are blended

A company's percentage of total sales volume generated by the sales of that product

Marketing Functions: Getting Money necessary for running a business

Result from changes in overall business conditions. (Inflation, unemployment, etc.)

Marketing Mix: How product/service is communicated to customers

Caused by human mistakes

Marketing Mix: What the business is selling

Added value in economic terms

Group that is identified as your best or typical customers

Output per worker hour over a defined period of time

The output of goods/services produced inside a  country’s boundaries

Amount of revenue earned from the total sales of products minus costs of product--Sales - Costs

Rituals answer the basic questions of what, how, & for whom

People who share similar needs & wants & have the ability to purchase your product/service

Tangible items that have monetary value

Amount left over after expenses are subtracted from revenue(Gross Profit - Oper. Expenses)

Marketing Functions: Physically moving product/service

Marketing Functions: Working with customers to get them to buy

Greater communication with the customer - labels, promotion, 1-on-1 sales, etc.

Total dollar value of goods & services produced by a nation regardless of boundaries

Marketing Mix: Amount charged by the business

Marketing Mix: Where product/service is being sold

Marketing Functions: Maintaining, developing, & improving a product/service

The country’s government makes the economic decisions for the people/business

An organized way a nation provides for the needs & wants of its people

Having the product available at a certain time of year or time of day

Intangible items that have monetary value

Having the product available - where the customer will most likely buy it

Marketing Functions: Amount charged for a good/service

Model of the economy in which major exchanges are represented as flows of money

There is no government involvement in economic decisions - person/business

caused by disasters - floods, earthquakes, tornadoes, terrorism, etc

Marketing Functions: Getting information about your business & customers

Marketing Functions: Communicating company's image to the market

Businesses accept alternatives to cash-personal checks credit cards lay-a-way installment plans