Marketing 1 - Chapter 5/6 Vocab

Chapter 5/6 Vocab - From that marketing book

Patent

Patent

A legal right granted for an invention, giving the patent holder exclusive rights to use, sell, or license the invention for a certain period.

Trademark

A symbol, word, or words legally registered or established by use as representing a company or product.

Copyright

A legal right that grants the creator of original work exclusive rights to its use and distribution, typically for a limited time.

Price Competition

A strategy where businesses compete primarily on the basis of price.

Non Price Competition

A strategy where businesses compete on factors other than price, such as quality, service, or brand reputation.

Monopoly

A market structure where a single seller controls the entire supply of a product or service.

Business Risk

The possibility of a business experiencing lower than anticipated profits or experiencing a loss rather than making a profit.

Profit

The financial gain obtained when the revenue from business activities exceeds the expenses, costs, and taxes.

Supply

The total amount of a specific good or service that is available to consumers.

Demand

The desire of consumers to purchase goods and services at given prices.

Equilibrium

The state in which market supply and demand balance each other, resulting in stable prices.

For Profit/ Non Profit Business

For Profit businesses aim to generate income for owners, while Non Profit organizations operate to serve a public or mutual benefit without profit motive.

Public/Private Sector

The public sector is the part of the economy controlled by the government, while the private sector is the part of the economy run by individuals and companies.

Industry

A group of businesses that produce similar goods or services.

Wholesalers

Businesses that sell goods in large quantities at lower prices, typically to retailers.

Retailers

Businesses that sell goods directly to consumers.

Production

The process of creating goods and services.

Executive Branch

The branch of government responsible for implementing and enforcing laws.

Judicial Branch

The branch of government that interprets laws and administers justice.

Legislative Branch

The branch of government responsible for making laws.

FDA

The Food and Drug Administration, a federal agency responsible for regulating food safety, pharmaceuticals, and other health-related products.

CPSC

The Consumer Product Safety Commission, an agency that protects the public from unreasonable risks of injury or death associated with consumer products.

EEOC

The Equal Employment Opportunity Commission, a federal agency that enforces laws against workplace discrimination.

OSHA

The Occupational Safety and Health Administration, an agency that ensures safe and healthy working conditions.

SEC

The Securities and Exchange Commission, a federal agency that regulates the securities industry and protects investors.

EPA

The Environmental Protection Agency, a federal agency that protects human health and the environment.

FTC

The Federal Trade Commission, an agency that promotes consumer protection and eliminates harmful anti-competitive business practices.

Price Gouging

The practice of raising prices on essential goods and services to an unreasonable level during emergencies.