preformance of business activities that direct the flow of goods & services from producer to consume r - What is Marketing?, Functions Of Business - Production, operations, management & marketing are examples of what ?, Supply - quality of a product that producers are willing & able to provide & price , Economic Utility - Amount of satisfaction a consumer receives , Form, Time, Place & Possession - What are the different types of utilities , Intense, Limited & Monopolistic - What are the types of Competition ?, Demographics - Age, Race, Gender are examples of what ?, Psychographics  - Interest such as Games, sports are called?, Moral principles or values based on honesty & fairness - What are ethics ?, Include new markets as well as ways to improve a company's offerings in current markets - Market Opportunities , Consumer Behavior - This Explores the factors that influence how people purchase & use products or services , Business Consumer - When a manufacturer purchases material to produce products they will sell to a consumer this is an exmaple of ?, A need - Not important for living but important to maintain your lifestyle , Free Economy - Resources are owned by individuals rather than the government , Mixed economy - The US & most countries use this type of economy, Need & wants are unlimited but there are limited resources - What is the Basic Economic Problem ?, Strategy - A plan that identifies how a company expects to achieve its goal , Group of similar consumers within a lager markets - Market Segment , Economic Market - All the consumers who will purchase a particular product of service , Supply & Demand for a product are equal - Market price ,

Chapter 1 - Chapter 5

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