Entreprenuership II (Honors) Unit 3 Vocab

The division of a market on the basis of customers' lifestyle and personalities

The segmenting of markets by age, gender, income, ethnic background, and family life cycle

The expenses involved with manufacturing, promoting, and distributing a product (good or service)

Marketing element focusing on considerations in getting a selected product in the right place at the right time

The quantity of a good or service that buyers are ready to purchase at a given price at a particular time

The division of a market based on where customers are located

A marketing element that refers to what goods, services, or ideas a business will offer its customers.

The expenses associated with manufacturing, promoting, and distributing a product (good or service)

The law that prevents price discrimination

The process of dividing a venue into different sections and pricing tickets accordingly

The process of determining “prime” and “non-prime” hours for a service and pricing accordingly

Not able to be detected through any of the five senses

A financial statement showing the revenue and expenses for a fiscal period.

A market situation in which small price changes have a big impact on product sales

The federal law that prevents price discrimination

A short-term debt or liability on a blalance sheet where a business owe money to its vendors/suppliers.

Goods produced for present consumption

An asset account on the balalnce sheet that represents money due to a company in the short term,

A pricing strategy that involves setting prices lower than those of the competition

A financial statement that shows the flow of money in and out of the business.

Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products

The segmenting of markets by age, gender, income, ethnic background, and family life cycle

A financial statement that reports the changes in the earnings retained account during the period.

Goals a company hopes to accomplish through its pricing strategies

Good produced for present consumption

A market situation in which changes in price create proportionate changes in product sales.

A market situation in which price changes have little to no impact on product sales

A financial statement that reports assets, liabilities, and owner's equity on a specific date.

Costs that do not vary with the quantity of output produced

A marketing function involves determining and adjusting prices to maximize returns.