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SEGMENT: A group of potential buyers who have similar needs and wants. This is developed after a process called market segmentation. A concentrated targeting strategy is effective for marketing to each segment. Typically, a company uses one marketing mix to satisfy each segmentÕs needs.
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PERFECT COMPETITION, LOSS MINIMIZATION A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"It is not fair to ask of others what you are unwilling to do yourself. " -- Eleanor Roosevelt, diplomat, activist
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VIR
Variable Interest Rate
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