key terms Flashcards
quantitative
information that is numerical and factual
qualitative
opinionated data that is written
market segmentation
making a specific market smaller and more managable
customer retention
having repeat customers
market share
the percentage of sales that you have in a specific market in comparison to others
variable costs
costs that change depending on sales per months (materials)
fixed costs
the costs a business has to pay every month no matter what
revenue
money a business receives each month- mostly from customer
costs
things a business has to pay for each month- money spent
profit
difference between money made from sales and how much it is to produce
break even
the part at which profit is 0. both revenue and costs are equal
margin of safety
difference between number of units sold and number of units needed to be sold to breakeven
insolvent
a situation where a business is unable to pay its debts
advertisement
the use of media to promote a product better to existing and potential customers
sales promotions
the use of incentives to persuade a consumer to buy.
