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July 21, 2019 

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HETEROGENEOUS: A market characterized by buyers with different needs and wants. A company utilizes a concentrated targeting strategy for this group. This market requires the company to divided the market into groups by a process called market segmentation. The company then develops a different marketing mix to satisfy each of these groups or segments.

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CHAEBOL: A form of business structure common in South Korean which involves an alliance of businesses, each working toward the mutual success of the group. The alliance also has close ties to government. This is comparable to the keiretsu, which is common in Japan. Each "independent" business owns stock in the others and shares executives and directors.

     See also | business | firm | corporation | industry | keiretsu | collusion | cartel | interlocking directorate | oligopoly | corporate stock |


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CHAEBOL, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: July 21, 2019].


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INSTITUTION

An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.

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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for door-to-door salesmen.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

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