______ is the amount of a good or service that people are willing and able to buy at a given price
Demand
1 of 13
When the amount that people want to buy exactly matches the quantity that businesses are willing to supply, what is the market in?
Equilibrium
2 of 13
What is the acrostic formed by the 5 non-priced determinants of demand?
SPITE
3 of 13
What is the acrostic formed by the 5 non-priced determinants of supply?
SCENT
4 of 13
What type of market segmentation is used when people are segmented on their interests, lifestyle, attitudes and personality?
Psychographic
5 of 13
You have given up one thing in order to do anything, this is called......
Opportunity Cost
6 of 13
What is it called when a business trials/tests demand for a product on a sample of customers before it is launched to the whole market
Test Marketing
7 of 13
Total Costs = _____ ____ + Variable Costs
Fixed Costs
8 of 13
Unit Contribution = Selling Price - ________ ____
Variable Cost
9 of 13
What is 'venture capital' sometimes referred to as?
Business Angels
10 of 13
A ___________ is someone who takes an interest in the activities of a business
Stakeholder
11 of 13
What is the tool that allows a business to analyze the position of competitors within a market using two different variables and can reveal a gap in the market
Market Map
12 of 13
What is missing from the marketing mix: Price, Place, Promotion, _______
Product
13 of 13
Other cards in this set
Card 2
Front
When the amount that people want to buy exactly matches the quantity that businesses are willing to supply, what is the market in?
Back
Equilibrium
Card 3
Front
What is the acrostic formed by the 5 non-priced determinants of demand?
Back
Card 4
Front
What is the acrostic formed by the 5 non-priced determinants of supply?
Back
Card 5
Front
What type of market segmentation is used when people are segmented on their interests, lifestyle, attitudes and personality?
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