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Chapter 1
Chapter 1 terms
14
Marketing
9th Grade
02/22/2012

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Term
Marketing
Definition
the process of deviloping, promoting, and distributing products, or goods and services, to satisfy customers' needs and wants
Term
Marketing Concept
Definition
is the idea that organizations need to satisfy their customers while also trying to reach their organizations' goals.
Term
Market
Definition
potential customers with shared neecds who have the desire and ability to buy a product.
Term
Needs
Definition
a lack of basic necessities such as food, clothing, or shelter.
Term
Wants
Definition
things that people desire based on personality, experiences, or information about a product.
Term
Target Market
Definition
a specific group of consumers that organization selects as the focus of its marketing plan.
Term
Demographics
Definition
statistics that describe a population in terms of personal characteristics.
Term
Marketing Mix
Definition
a combination of four basic marketing strategies, known as the 4 Ps- product, price, place, and promotion.
Term
Channel of Distribution
Definition
path a product takes from the producer to the consumer.
Term
Economics
Definition
the studay of the choices and decisions that affect making, distributing, and using goods and services.
Term
GDP
Definition
(gross domestic product) the value of all goods and services produced within a country.
Term
Profit
Definition
the money left after all costs and expenses of a business are paid.
Term
Competition
Definition
as a characteristic of free enterprise, the struggle among companies for customers.
Term
Copyright
Definition
the legal protection of a creator's intellectual property or products.
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