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Marketing: Sports & Entertainment Chapter 9

Mrs. Hundemer

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1.inverse relationship between the price of a product and consumer demand for it—when the price goes up demand goes down, and when the price goes down demand goes up
6.the willingness to take a loss on the reduced prices of selected items in order to create more customer traffic
8.distinct categories of merchandise based upon price, quality, and features
15.coupons on products that customers can mail in for a refund (p. 239):
16.associates a special sale with a major event, such as Thanksgiving or March Madness
17.limited resources available to use in the production of products and events
18.the point where the supply and demand curves intersect
19.the amount that is added to the cost of an item for sale to cover operating expenses and allow for a profit
2.customers receive a financial benefit for buying the larger quantity
3.a product that is advertised at a great price is ‘‘out of stock’’ when customers want to purchase it, and the salesperson then tries to sell customers a higher-priced alternative
4.one individual, group, or business is charged a higher price than others purchasing the same product or service
5.customers receive a discount for trading-in old merchandise when making a new purchase
7.prices for goods and services rise faster than consumer income
9.periods of moderate demand
10.the ups and downs of the economy; also called the economic cycle
11.all the costs associated with running your business
12.related businesses conspire to charge high prices
13.inverse relationship between the price of a product and the producer’s supply of it—when the price goes up the supply produced goes up, and when the price goes down the supply produced goes
14.period of the business cycle that occurs when the economy shows signs of improvement

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