Marketing Terms: Adaptation, communism, etc.

Adaptation
Companies keep the brand name and packaging, but change the product to better suit their country.
Customization
Companies change the entire product for a specific country.
Globalization
Companies will use the exact same products for every country.
Monopoly
Control over a product or the means of producing it.
Infrastructure
Basic physical structures and facilities needed for the operation of a society.
Free Enterprise System
Individuals have the opportunity to make economic decisions without the government’s rule.
Price Competition
Setting a price on a product based on what competition markets are charging (Walmart making beef 3 dollars a pound sets a benchmark for Safeway).
Non-price Competition
Competitors would not lower the price of their products due to a fear of a price war. Instead, they focused on promotion to highlight the benefits of their products.
Profit
A gain in the difference between the amount of money earned versus the amount spent in buying or producing something.
Scarcity
The difference between a country’s unlimited wants and limited resources.
Pure Market Economy
No government involvement, let’s consumer decide whether a business will survive or fail.
Command Economy
Lots of government involvement.
Mixed Economy
Some government involvement.
Capitalism
Private ownership of business, market place competition, and a motive to make a profit (no public schools, state owned highways, etc.).
Communism
Government runs everything to share common political and economic goals. No unemployment, free medical care, prices low, no economic freedom.
Socialism
Production, distribution, and exchange should be made by the whole community. Higher taxes, medical care and education is free or low cost. Keep prices low and provide employment.
(FOP) Land
All the sources in the earth.
(FOP) Labor
All the people who work.
(FOP) Capital
The money to start and operate a business.
(FOP) Entrepreneurship
People willing to invest their time and money to start a business.