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HOMOGENEOUS: In general, the notion that everything has identical characteristics. For example, a neighborhood might have a homogeneous culture, meaning everyone has similar income, religious preferences, and political views. In economics, it is used in a couple of different ways. One is for production, such that two or more goods are homogeneous if they are physically identical or at least viewed as identical by buyers. Another is for mathematical equations, such that an equation is said to be homogeneous if the independent variables are increased by a constant value, then the dependent variable is increased by a function of that value. In a marketing context, this is a market characterized by buyers with similar needs and wants. This group is targeted with an undifferentiated targeting strategy. The company uses only one marketing mix to satisfy this group of buyers.
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CHANGE IN QUANTITY DEMANDED A movement along a given demand curve caused by a change in demand price. The only factor that can cause a change in quantity demanded is price. A related, but distinct, concept is a change in demand.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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