Can be defined as the determination of the needs and desires of markets so that products and services can be developed, priced, promoted, and distributed.
A large percentage of the final cost of goods and services
People and households that purchase consumer products and services
Learning, perception, motives, attitudes, and self-concept that affect what, why, and how consumers purchase goods and services
Consistent ways of acting that determine what, why, and how consumers purchase goods and services
Groups to which consumers belong or would like to belong to that affect what, why, and how they purchase goods and services
The use of two, three, four, and five digits to classify industries and subsidiaries in the United States, Canada, and Mexico
The buying decision for organizations that involves the consideration of different suppliers for an item previously bought on a straight rebuy basis
A routine purchasing situation for organizations that requires little or no time or effort to conclude
Prohibits deceptive advertising and labeling
Prevents the distribution of adulterated or misbranded foods, drugs, and unsafe consumer products
Protects the consumer from unreasonable risk of injury from products
Prohibits various activities that restrain trade or monopolize trade
Systems that continually monitor, with heavy use of computers, a company's market, competition, customers, products, and marketing operations
The percentage of a customer's spending on a product or service category that is obtained by a specific company's product or service
Developing long-lasting profitable relations with customers
The percentage of total units sold of a product or service divided into the number of units of that product or service sold by a specific company
The price of a company's stock multiplied by the number of shares of the stock
A company's profit divided by its revenues
A company's profit divided by the amount of assets contributed to the company by its owners

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Economic Terms


running a venture


Unit 4 Review




1920s Terms


roaring 20's


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