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MARKETING MIX: The combination of 5 controllable variables consisting of product, price, promotion, distribution and packaging to satisfy the needs and wants of customers in a targeted market. This requires the collection of data and demographics on customers in potential markets. Organizations may use multiple marketing mixes strategies based on different targeted market segments.
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Lesson 14: Production | Unit 4: Long-Run Production
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Page: 19 of 25
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Topic:
Increasing Returns To Scale
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- Increasing returns to scale:
- Increasing returns to scale result when a given proportional increase in all inputs results in a greater than proportional increase in production.
- Three primary reasons why long-run production experiences increasing returns to scale:
- Resource Specialization
- Support Activities
- Volume and Area
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INSURANCE A service that transfers the risk of loss from an individual to a larger group. The larger group is typically represented by an insurance provider, either a private for-profit company or a government agency. The insurance provider can assume the risk through risk pooling. Risk averse people, who are willing to pay a premium to avoid risk, are the ones most inclined to purchase insurance. The risk averse individual agrees to incur a small guaranteed loss (the premium) but avoids incurring a less likely, but much bigger, loss.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for telephone calls from long-lost relatives.
Your Complete Scope
This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"What gets measured gets done." -- Peter Drucker, educator
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NDP
Net Domestic Product
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