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Product (business) In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a market to satisfy the desire or need of a customer. [ 1] In retailing, products are often referred to as merchandise, and in manufacturing, products are bought as raw ...
t. e. Cost of goods sold ( COGS) is the carrying value of goods sold during a particular period. Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost. Costs include all costs of purchase, costs of conversion and other costs that are incurred ...
Sales. Sales are activities related to selling or the number of goods sold in a given targeted time period. The delivery of a service for a cost is also considered a sale. A period during which goods are sold for a reduced price may also be referred to as a "sale". [ 1] The seller, or the provider of the goods or services, completes a sale in ...
Product market. In economics, the product market is the marketplace where final goods or services are sold to household and the foreign sector . Focusing on the sale of finished goods, it does not include trading in raw or other intermediate materials. [ 1]
The number of enterprises is only one, access is restricted or completely blocked, and the products produced and sold are unique and cannot be replaced by other products. The company has strong control and influence over the price of the entire market. Different market structures will also lead to different levels of social welfare.
Distribution (or place) is one of the four elements of the marketing mix: the other three elements being product, pricing, and promotion . Decisions about distribution need to be taken in line with a company's overall strategic vision and mission. Developing a coherent distribution plan is a central component of strategic planning.
Markup (business) Markup (or price spread) is the difference between the selling price of a good or service and its cost. It is often expressed as a percentage over the cost. A markup is added into the total cost incurred by the producer of a good or service in order to cover the costs of doing business and create a profit. The total cost ...
Upselling is the practice in which a business tries to motivate customers to purchase a higher-end product, an upgrade, or an additional item in order to make a more profitable sale. For instance, a salesperson may influence a customer into purchasing the newest version of an item, rather than the less-expensive current model, by pointing out ...