PURCHASE DISCOUNT Definition

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PURCHASE DISCOUNT is a reduction in the purchase price, allowed if payment is made within a specified period.

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BRAND IMAGE is the view held by consumers about a particular brand of good or service. The stronger the brand image the more inelastic the demand for the product is likely to be.

DEMAND DRAFT, also known as sight draft, is a draft payable on demand from the date of issue, e.g. a payroll check.

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