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Marking Essentials 1- Grahm
Flashcards Chapter 1
11
Business
12th Grade
10/02/2013

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Term
Marketing
Definition
The process of planning, pricing, promoting, selling and distributing.
Term
Goods
Definition
Tangible items that have monetary value and satisfy your needs and wants. -cars -toys
Term
Services
Definition
Intangible items that have monetary value and satisfy your needs and wants.
Term
Marketing concept
Definition
The idea that a business should strive to satisfy customers' needs and wants while generating a profit.
Term
Utility
Definition
Added value
Term
Market
Definition
People who have similar needs and wants and have the ability to buy.
Term
Consumer market
Definition
Consists of consumers who purchase goods and services for personal use.
Term
Industrial market
Definition
Includes all businesses that buy products for use in their operations.
Term
Market share
Definition
Percent-age of the total sales volume generated by all companies that compete in a given market.
Term
Target market
Definition
A group that is identified for a specific marketing program.
Term
Customer profile
Definition
Lists information about the target market, such as age, income level, ethnic background, occupation, attitudes,lifestyle and geographic residence.
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