Glossary of marketing terms Absolute advantage

Hierarchy of needs. The ordering of a person's needs into hierarchy of relative potency such that as lower order needs are fulfilled higher, unfulfilled order needs emerge, which require fulfillment.

High context culture. Minimum reliance on explicit verbal or written conversations, more on the "implied".

Ideology. An individual's organisation or country's political belief.

Income elasticity measurements. A description of the relationship between the demand for goods and changes in income.

Income per capita. The market value of all goods and services outputted by a country divided by the total number of residents of that country.

Inflation. A condition where demand outstrips supply or costs escalate, affecting an upward change in prices.

Information system. A system for gathering, analysing and reporting data aimed at reducing uncertainty in business decision making.