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Their role is to be opinion leaders and have influence over the early majority.

The third identifiable subgroup within a population that adopts an innovation.

A term reflecting the maximum amount that can be spent by a retail store for yearly rent expenses.

It is calculated by subtracting from planned sales all projected nonrent costs including a projected or planned profit figure.

A situation in which a percentage increase in price attracts a greater percentage of' products offered to the market. A situation in which the percentage of goods offered "stretches" more than the percentage increase in price.1.

A measure of the responsiveness of the quantity of a product taken in the market to price changes. (technical definition) E is the limit as the change in price tends to zero of a ratio composed of two ratios: the change in quantity/quantity, divided by change in price/price.

The economic environment encompasses such factors as productivity, income, wealth, inflation, balance of payments, pricing, poverty, interest rates, credit, transportation, and employment; it is the totality of the economic surroundings that affect a company's markets and its opportunities.

A model of human behavior assumed by economists in analyzing market behavior.

A situation in which a cut in price increases the quantity taken in the market enough that total revenue is increased. A situation in which a given change in the price of an economic good is associated with a more than proportionate change in the quantity that buyers would purchase. A situation in which the percentage of quantity taken "stretches" more than the percentage drop in price.1.

The economic person is a rational person who attempts to maximize the utility received from his/her monetary outflows and sacrifices.

The complex of interactions of all the organisms with their environments and with each other.

Whether you're looking for an obscure phrase or your basic marketing definition, the AMA Dictionary has it all!

Originating from the print version in 1995, we're always adding new terms to keep marketers up to date in the ever-evolving marketing profession.


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