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May 26, 2024 

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MARKET ADJUSTMENT: The economic analysis of the changes in market equilibrium caused by changes in the demand determinants and supply determinants. Given the two curves that comprise the market--the demand curve and the supply curve; each of which can increase or decrease; market adjustment comes in eight varieties. Four involve a shift of EITHER the demand curve OR the supply curve. The other four involve a shift of BOTH the demand curve AND the supply curve.

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MARKETING CONCEPT: Focusing the companyÕs attention on the wants and needs of the customer in the development of products, services, ideas, and strategies. This customer driven focus is throughout the structure of the organization, from the boardroom to the shipping department and every place in between. When a decision is to be made, the question is asked: ÒIs this going to be good for the customer?Ó If the answer is yes, the company is following the marketing concept

     See also | customer | promotion | marketing mix | marketing strategy | SWOT | marketing |


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PERFECT COMPETITION, TOTAL ANALYSIS

A perfectly competitive firm produces the profit-maximizing quantity of output that generates the greatest difference between total revenue and total cost. This total approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of marginal revenue and marginal cost.

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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for door-to-door salesmen.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
"He who has a „why¾ to live can bear with almost any „how.""

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