Chapter 16 Definitions

Chapter 16 Definitions - Chapter 16 1. Price that which is...

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Chapter 16 1. Price – that which is given up in an exchange to acquire a good or service. 2. Revenue – the price charged to customers multiplied by the number of units sold. 3. Profit – revenue minus expenses. 4. Return on Investment (ROI) – net profit after taxes divided by total assets. 5. Market Share – a company’s product sales as a percentage of total sales for that industry. 6. Status Quo Pricing – a pricing objective that maintains existing prices or meets the competition’s prices. 7. Demand – the quantity of a product that will be sold in the market at various prices for a specified period. 8. Supply – the quantity of a product that will be offered to the market by a supplier at various prices for a specified period. 9. Price Equilibrium – the price at which demand and supply are equal. 10. Elasticity Of Demand – consumer’s responsiveness or sensitivity to changes in price. 11.
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This note was uploaded on 11/30/2010 for the course MARK MARK 1115 taught by Professor Deveau during the Fall '10 term at Langara.

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Chapter 16 Definitions - Chapter 16 1. Price that which is...

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