Term 1: Business and Economics Glossary, Quizzes of Principles of Marketing

Download Term 1: Business and Economics Glossary and more Quizzes Principles of Marketing in PDF only on Docsity! TERM 1 Average Revenue DEFINITION 1 The average amount of money received for selling one unit of a product, or simply the price of that unit TERM 2 Barter DEFINITION 2 The practice of exchanging products and services for other products and services rather than for money TERM 3 Break-even Analysis DEFINITION 3 A technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output TERM 4 Break-even Chart DEFINITION 4 a graphic representation of the break-even analysis that shows when total revenue and total cost intersect to identify profit or loss for a given quantity sold TERM 5 Demand Factors DEFINITION 5 Factors that determine consumers' willingness and ability to pay for products and services TERM 6 Marginal Analysis DEFINITION 6 A continuing, concise trade-off of incremental costs against incremental revenues TERM 7 Price elasticity of demand DEFINITION 7 The percentage change in quantity demanded relative to a percentage change in price TERM 8 Pricing Constraints DEFINITION 8 Factors that limit the range of prices a firm may set TERM 9 Values DEFINITION 9 a society's personally or socially preferable modes of conduct or states of existence that tend to persist over time TERM 10 Value pricing DEFINITION 10 The practice of simultaneously increasing product and service benefits while maintaining or decreasing price