101 Marketing Terms (22-41) Flashcards
Consumer Price Index (CPI)
A measure of inflation which is based on change in the prices of 400 goods and services used by the average urban family
Corporation
A business that is chartered by the state and legally operates apart from the owner(s)
Credit
The opportunity to obtain money, goods, or services immediately in exchange for a promise to pay in the future
Customer
Buys a product
Demand
The amount or quantity of goods and services that consumers are willing and able to buy at various prices
Demographics
Statistics that describe a population in terms of personal characteristics (age, sex, etc.)
Depression
The phase of the business cycle which is a period of prolonged recession
Discretionary Income
Money that is left from a person’s gross income after paying for basic living necessities
Disposable Icome
Money that is left from a person’s gross income after taking out taxes
E-Commerce
Buying and selling goods through the use of electronic means, usually the internet
Economy
System by which a nation decides how to use its resources to produce and distribute goods and services
Elastic Demand
Describes a situation in which a change in the price of a product creates a change in demand for that product
Embargo
A total ban on trading with another country
Entrepreneurship
The process of starting and managing your own business; the skills of people who are willing to risk their time and money to run a business
Equilibrium
The condition that exists when the amount of a product supplied is equal to the demand
Ethics
Guidelines for good behavior, based on knowing the difference between right and wrong
Exports
Goods and services that are sold to other countries
Feature-Benefit Selling
Matching the characteristics of a product to a customer’s needs and wants
Franchise
A grant or right to sell a parent company’s product or service within a given area
Geographics
Segmentation of a market based on where people live
