Marketing vocab 4

Accounting

The discipline that keeps track of a company's financial situation.

Business Risk

The potential for financial gain, loss or failure.

Competition

A business relation in which parties compete to gain customers.

Copyright

Anything that is authored by an individual, such as writings (books, magazine articles, etc.), music, and artwork.

Demand

Consumer willingness and ability to buy products. The law of demand is the economic principle that price and demand move in opposite directions.

Derived Demand

Demand in the organizational market that is based on, or derived from, the demand for consumer goods and services.

Domestic Business

A business that sells its products only in its own country.

Finance

The function of business that involves money management.

For-profit Business

A business that seeks to make a profit from its operations.

Generate

To bring into existence; produce.

Global Business

A business that sells its products in more than one country.

Industry

A group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services.

Interact

To act together or toward others or with others.

Management

The process of achieving company goals by effective use of resources through planning, organizing, and controlling.

Monopoly

Exclusive control over a product or the means of producing it.

Nonprice Competition

When businesses choose to compete on the basis of factors that are not related to price, including the quality of the products, services, financing, business location, and reputation.

Nonprofit Organization

A group that functions like a business but uses the money it makes to fund the cause identified in its charter.

Patent

A document granting an inventor sole rights to an item or an idea.

Price Competition

A focus on the sale price of a product. The assumption is that, all other things being equal, consumers will buy the products that are lowest in price.

Private Enterprise

Businesses ownership by ordinary people, not the government.

Private Sector

Businesses not associated with government agencies.

Production

The process of creating, growing, manufacturing, or improving on goods and services.

Profit

The money earned from conducting business after all costs and expenses have been paid.

Public Sector

Government-financed agencies, such as the Environmental Protection Agency.

Purchase

To acquire by means of a financial transaction.

Retailers

A business that buys goods from wholesalers or directly from manufacturers and resells them to consumers.

Supply

The amount of goods producers are willing to make and sell.

Trademark

A word, name, symbol, sound, brand name, brand mark, trade name, trade character, color or combination of these elements that identifies a good or service and cannot be used by anyone but the owner because it is registered with the federal government and has legal protection.

Trend

A general direction in which something tends to move; current style or inclination.

Wholesalers

A business that obtains goods from manufacturers, and retailers, also called distributors.