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HOMOGENEOUS OF DEGREE ONE: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the same value. In other words, if the independent variables are doubled, then the dependent variable is also doubled. This property often surfaces in the analysis of production functions. A production function homogeneous of degree one is said to have constant returns to scale.
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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. See also | SWOT | environmental scanning | environmental analysis | marketing strategies | marketing objectives | benchmarking | implementation | mission statement | business plan |
Recommended Citation:MARKETING PLAN, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: September 20, 2024].
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AVERAGE FIXED COST Total fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. When compared with price (per unit revenue), average fixed cost (AFC) indicates whether or not a profit-maximizing firm should shutdown production in the short run. Average fixed cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average variable cost. A related concept is marginal cost.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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RMS
Real Market Share
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