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TARGET MARKET: The specific group of individuals who have been selected as the most likely potential buyers for products, ideas, or services. The company develops a marketing mix to satisfy this group of buyers. This group has been selected, after process of determining similar buying habits, attitudes, and other demographics, to be the best for purchasing the companyÕs product.
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PRINCIPLE OF MINIMUM DIFFERENCES A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they promote differences. Similarities enable substitutability, such that one firm can attract the buyers away from other firms. Differences enable uniqueness and market control, such that each firm has market control and is able to charge a higher price than achieved with perfect competition. This principle is also termed Hotelling's paradox.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Be a yardstick of quality. Some people aren't used to an environment where excellence is expected. " -- Steve Jobs, Apple Computer co-founder
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ARMA
Autoregressive Moving Average
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