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SATISFACTION: The process of successfully fulfilling wants and needs. A basic fact of life is that people want and need stuff to stay alive and to make that life more enjoyable. Satisfaction is the economic term that captures this wants-and-needs-fulfilling process. Satisfying wants and needs is actually the ultimate goal of economic activity, the end result of addressing the fundamental problem of scarcity, and, when you get right down to it, life itself.

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SEGMENTATION: The marketing process by which a company divides a heterogeneous group of buyers in segments. Each segment has similar wants and needs. The company uses a concentrated targeting strategy to sell their products to this group. A different marketing mix is created and used for each segment.

     See also | targeting strategy | concentrated | marketing mix | heterogeneous | segment |


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SEGMENTATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 27, 2024].


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AVERAGE REVENUE CURVE, MONOPOLY

A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.

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Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for telephone calls from former employers.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"A pint of sweat saves a gallon of blood. "

-- General George Patton

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