3 An example of non price competition is a bookstore that the store owners provide literature seminars to parent and teacher groups, and they create recommended reading lists for classroom use.
4 Discretionary incomeThe money left from a person’s gross income after paying for basic necessities such as food, shelter, and clothing.
5 An example of Marketing research Is filling out a survey from a business such as a hotel.Possession utilityThe exchange of a product for some monetary value.
6 Promotion utilityAny form of communication a business or organization uses to inform, persuade, or remind.ServiceTasks performed for a customer.
7 Gross Domestic Product a measure of the goods and services produced using labor and propertyImportsare goods and services purchased from other countries.
8 Benefitsare privileges, or monetary payments beyond salary or wages, that go with a job.focuses on the sale price of a product
9 Target marketingfocusing all marketing decisions on a very specific group of people who you want to reach.?information about the target market with regard to the age, income level, ethnic
10 Tariff is a tax on imports. International Trade is the exchange of goods and services between nations.
11 Disposable income money left after taking out taxes. Shortages occur when demand exceeds supply
12 Surplus Selling occurs when the supply of goods exceeds demand. provides customers with goods and services they want.
13 Securities and Exchange Commissions responsible for regulating the sale of stocks and bondsMarketing conceptThe idea that businesses must satisfy customers’ needs and wants in order to make a profit
14 Profit Three factors that affect business cycles are the money earned from conducting business after all costs and expenses have been paid.Three factors that affect business cycles arebusiness, consumers and government
15 Embargois a total ban on specific goods coming into and leaving a country.
16 Marketing Mixa combination of four strategies used to market a product such as product, place, price and promotion.
17 Market segmentationa way of analyzing a market by specific characteristics in order to create a target market.
18 Exportsare goods and services sold to other countries.
40 DemographicsStatistics that describe a population in terms of personal characteristics such as age, gender, income, ethnic background, education, and occupation.
41 Place UtilityHaving a product where customers can buy it.
42 PriceThe value of money placed on a good or service.
43 A business can get involved in international trade by importing, exporting and/or setting up shop in a foreign country
44 As a funder of public libraries, the government is acting in what role? as a provider of servicesCapital isThe money needed to start and operate a business
45 EntrepreneurshipThe process of starting and managing your own business.Four roles that our government plays in our free enterprise system includeproviding general servicessupporter of businessesregulatorand competitor.
46 Labor All of the people who work in the economy. Prosperity Point in the business cycle when the economy flourishes.
47 ScarcityThe difference between wants and needs and available resources.
48 Psychographics Three goals of any economy are: Studies of consumers based on social and psychological characteristics.Three goals of any economy are:Stable pricesProductivityLow unemployment
49 Federal Reserve Boardhas the power to control the U.S. monetary supply.The Occupational Safety and Health Administrationis a governmental regulatory agency created to protect employees.
50 Three major businesses that make our government a competitor in the market place are Tennessee Valley AuthorityAmtrakU. S. Postal Service
51 Three types of trade barriers are TariffsQuotasand embargoes
52 Two economic factors that can discourage international trade are Labor costs and infrastructureTwo political factors that can discourage international trade arepolitical corruption and government instability
53 What do U.S. fast food companies enter into in order to open franchises in foreign countries? Joint Ventures
54 What is the agency that was created to police the General Agreement on Tariffs and Trade (GATT)? World Trade OrganizationWhat is the group that decides whether or not a business will survive?the consumers
55 What is the term for the struggle between companies for customers? CompetitionWhen does the potential for profit increase?as the risk increases
56 When the Federal and state governments set a minimum wage that businesses must pay their employees, this is an example of government’s role asa(n) regulator.
57 HispanicsWhich of the four major U.S. ethnic markets considers music a major part of its culture, allowing marketers to use radio advertising to reach this group?Who is the single largest U.S. consumer of goods and services?the government