Wednesday, 8 May 2024, 10:57 PM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
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Mark-UpMark-up – profit expressed in terms of cost price. |
Marked PriceMarked price – Selling price VAT inclusive. (displayed price) |
Market DemandMarket demand refers to the quantities of a product all individual households collectively are willing and able to buy at each price level. |
Market EconomyA market economy is an economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand. |
Market PricesMarket prices are used when calculating GDP through the expenditure method. Market prices include indirect taxes (e.g. VAT) and exclude subsidies. |
Market SegmentationMarket segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations. |
Market StructureMarket structure organisational features that dominate a market such as entry and exit, number of firms, etc. |
Market SupplyMarket supply refers to the quantities of a product all individual firms collectively are willing and able to produce at each price level. |
Market ValueMarket value refers to price as determined by demand and supply. Market value or OMV is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances. |
MarketingThe process of planning and executing the conception, pricing, marketing communication and distribution of ideas, products, and services to create exchange that satisfy the organisational goals. |