For Each Historical Identification Question, Define the Term and Briefly

question 44

Essay

For each historical identification question, define the term and briefly describe its historical significance.
Franco-Prussian War

Appreciate the role of supply chain management and relationship orientation in marketing.

Identify the significance of segmentation, targeting, and positioning (STP) in marketing.

Understand the concept of exchange in the marketing context.

Grasp the distinctions between goods and services in the marketing realm.

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Definitions:

Markup

An enhancement on the fundamental price of goods designed to absorb administrative expenses and yield profit.

Absorption Costing

This method in accounting ensures the total cost of producing a product encompasses expenses on direct materials, direct labor, and all overhead costs, both variable and fixed.

Cost-plus Pricing

A pricing strategy where the selling price is determined by adding a specific markup to the cost of producing or purchasing the product.

Return on Investment

Return on investment is a measure used to evaluate the efficiency or profitability of an investment, calculated as net income divided by the initial cost of the investment.