101 Marketing Terms (82-101) Flashcards
Resources
All of the things used in producing goods and services; land, labor, capital, entrepreneurship. Also known as Factors of Production
Retailers
An outlet, through which, products are or services are sold to customers
Return on Investment
A calculation used to determine the relative profitability of a product
Risk
The possibility of financial loss; the potential for loss or failure in relation to the potential for improved earnings
Scarcity
The basic economic problem; The difference between unlimited wants and limited resources
Secondary Data
Facts that have already been collected for another purpose but are referred to as a resource
Service
Product that has value but is not tangible; task performed for a customer
Shortage
When demand exceeds supply
Sole Proprietorship
A business that is owned and operated by one person
Stock Turnover
The number of times the average inventory has been sold and replaced in a given time
Stockholders
People who own a corporation
Store Layout
The pattern n which floor space is allocated within a store in order to facilitate sales and serve the customer
Storefront
The total exterior of a business including entrances, display windows, marquee, and the physical makeup of the building itself
Suggestion Selling
Selling additional merchandise or services that are related to the original purchase
Supply
The amount or quantity of goods and services that producers are willing to produce and provide at certain price
