Marketing Essentials chapter 5 Vocabulary

Free Enterprise System
A system that encourges imdividuals to start and operate their own business in a competitive market, without government involvment.
Patent
A government-issued exclusive right to make, use, or sell an invention for up to 20 years.
Trademarks
A brand name, brand mark, trade name, trade character, or a combination of these elements that is given legal protection by the federal government.
Copyright
The exclusive right to reproduce or sell a work authored by an individual, such as writings, music, and artwork.
Competition
The struggle between companies to attract new customers, keep existing ones, and take away customers from other companies.
Price Competition
The sale price of a product; the assumption.
Nonprice Competition
Competition based on factors that are not related to price, such as product quality, service and financing, business location, and reputation.
Monopoly
Exclusive control over a product or the means of producing it.
Nonprofit Organization
An organization that can function like a business but uses the money it makes to fund the cause identified in its charter.
Profit
The money earned from conducting business after all costs and expenses have been paid.
Supply
Th amount of goods producers are willing to make and sell.
Demand
Consumer willingness and ability to buy products.
Public Sector
Local, state, and federal government agencies and services, such as public libraries and state universities.
Private Sector
Business not associated with government agencies.
Industry
A group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services.
Derived Demand
The demand for industrial goods based on the demand for consumer goods and services.
Wholesalers
Channel of distribution that obtain goods from manufacturers and resells them to industrial users, other wholesalers, and retailers.
Retailer
Channel of distribution that buys good from wholesalers or directly from manufactures and resells them to the consumer.