Economics: Inflation and Marketing Strategies

Boost = To increase or improve something Compete = To strive to be better than others in a particular activity. Spur = To encourage or incite someone to do something. Increase = To become larger or greater in number, size, or amount. Growth = The process of developing and becoming larger or more mature. Lower-cost manufacturing processes = A method for producing goods in a more cost-effective way. Technological breakthroughs = Major advancements in technology. Innovation = The introduction of new ideas, methods, or products. Economic = Relating to the production, distribution, and consumption of goods and services. Standards of living = The level of wealth, comfort, material goods, and services available to a particular group or individual.

spur

lead

<p>consumers, growth, standards of living</p> Signup and view all the answers

<p>luxuries, innovations</p> Signup and view all the answers

<p>new products, increase, lower their prices, needs</p> Signup and view all the answers

<p>consumers, techniques, purchase, personalized sales, demand, is always some competition, market products, demonstrations</p> Signup and view all the answers

The rivalry among firms to attract customers and increase sales.

The process of developing new ideas, products, or methods.

An increase in the production of goods and services in an economy over time.

Individuals or entities that purchase goods and services for personal use.

The degree of wealth, comfort, and material goods available to a person or group.

To encourage or stimulate an action, such as spending or innovation.

To increase or improve something, such as sales or prices.

Significant advancements in technology that change how things are done.

Methods that reduce the cost of producing goods.

The action of gathering information about consumers' needs and preferences.

A way of promoting products or services to inform and persuade consumers.

Sales strategies tailored to individual customer needs and preferences.

The desire of consumers to purchase goods or services at a given price.

Direct interaction between a salesperson and a potential customer.

Other firms selling similar products in the same market.

To advertise or support a product or service to increase sales.

The optimal conditions for selling goods and services to maximize sales.

Items and activities offered to consumers to satisfy their needs.

Businesses or companies that provide goods or services.

Recognizing what consumers desire to have or use.

The relationship between the availability of products and consumers' desire for them.

Encouraging consumers to buy a product or service.

Making sure consumers can see and consider a product before purchasing.

Strategies used to convince consumers to buy a product or service.

The forces that impact the supply and demand of goods and services.

The essential requirements or desires of buyers that products meet.

The subjective tastes of consumers that influence their buying decisions.

The progression of a product through introduction, growth, maturity, and decline stages.

The process of increasing earnings while minimizing costs.