Marketing Review - Chapters 3-4

Monopolistic

________- the type of market where many firms compete with products that are somewhat different.

Edisons

Resources are owned by individuals and ________ are made independently with no attempt at gov regulation or control.

Promotion

________- communicate to consumers that they need this product and that it is priced appropriately.

Form

________- name of product, picture of drawing or product, and description.

Oligopoly

________- a few businesses offer very similar products or services.

Monopoly

________- a market in which one supplier offers a unique product and had very little competition.

producer

The ________- businesses that produce goods and services.

consumer

A(n) ________ is the person who buys goods and services.

Scarcity

________ and Unlimited wants and needs of consumers.

Pure

________- the type of market in which many suppliers offer very similar products.

steady supply

It produces a(n) ________ and demand for consumers wants and needs, without having shortage or surplus.

Supply

________ is the product and demand is the consumers wants and needs.

Demand

________- when the products price rises the ________ will lessen.

The producer

businesses that produce goods and services

Surplus

too much produced (on the top)

Shortage

not enough produced (on the bottom)

Demand

when the products price rises the demand will lessen

Supply

when the good is increased more will be demanded

Pure

the type of market in which many suppliers offer very similar products

Oligopoly

a few businesses offer very similar products or services

Form

name of product, picture of drawing or product, and description

Place

where are you going to sell it

Time

When are you going to sell it

Possession

What will you take as an exchange for product