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MARKETING PLAN: The systematic approach of assessing opportunities, defining objectives, determining strategies for implementation, developing coordinated criteria for evaluation and controls of marketing in an organization. Components typically include: executive summary, environmental scanning and analysis, SWOT analysis, marketing objectives, marketing strategies, marketing implementation, and evaluation / control. A good marketing plan is flexible and updated on a regular schedule. It can be created separately or as a part of the business plan.

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Lesson 5: Market Demand | Unit 4: Determinants Page: 14 of 20

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Demand determinants shift the demand curve.
  • The demand curve is drawn assuming that only price and quantity change. The determinants are assumed to be constant.
  • A change in one of the determinants can cause:
  • An increase in demand, a rightward shift, which means that for any price, for every price, buyers are willing and able to buy more of the good.

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INCREASING RETURNS TO SCALE

A given proportional change in all resources in the long run results in a proportional greater change in production. Increasing returns to scale exists if a firm increases ALL resources--labor, capital, and other inputs--by a given proportion (say 10 percent) and output increases by more than this proportion (that is more than 10 percent). This is one of three returns to scale. The other two are decreasing returns to scale and constant returns to scale.

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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"Life is not a 'brief candle.' It is a splendid torch that I want to make burn as brightly as possible before handing it on to future generations. "

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