Business Foundations

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

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

Added value in economic terms

Marketing Functions: Communicating company's image to the market

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

Marketing Functions: Working with customers to get them to buy

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

Marketing Mix: Where product/service is being sold

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

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

Combination of the three economic models that are blended

Output per worker hour over a defined period of time

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

Marketing Functions: Getting information about your business & customers

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

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

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

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

Marketing Functions: Getting Money necessary for running a business

Marketing Functions: Amount charged for a good/service

Caused by human mistakes

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

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

Intangible items that have monetary value

Marketing Mix: What the business is selling

Tangible items that have monetary value

Marketing Functions: Physically moving product/service

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

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

Marketing Mix: How product/service is communicated to customers

Marketing Mix: Amount charged by the business

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

Group that is identified as your best or typical customers

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

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

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