Chapter 3 Basic Economic Concepts (Fashion Marketing)

In a free-market system

Owners of corporations are stockholders.

There are advantages, and disadvantages, to each type of business ownership.

A market structure with only a few large rival firms that produce the products

Intangible activities or benefits that are performed and have value.

A marketing oriented approach determines customer desires before manufacturing products.

A target market is the block of consumers that a company wants as customers.

A partnership is always owned by just two people, although it may have any employees.

Retailers are companies that

Product, place, price, and production are the elements of the Marketing Mix.

The amount of goods or services that consumers are willing to buy at a certain price and time

A sole proprietorship is easy to form and dissolve.

Goods are either products or services.

A disadvantage of a partnership is that financial resources may be somewhat limited.

Times of economic decrease in income, employment, and production are called

Companies that make goods.

An unincorporated business that is co-owned by two or more persons

___ of scale are cost reductions per item resulting from volume mass production.

Consumers are people who buy and use finished products.

Merchandising involves