| Question |
Answer |
| marketing |
the process of developing, promoting, and distributing products or goods and services, to satisfy customers needs and wants |
| marketing concepts |
idea that organizations need to satisfy their customers while also trying to reach their organizations goals |
| market |
potential customers with shared needs who have the desire and ability to buy a product |
| needs |
A Lack of basic necessities such as food clothing of shelter |
| wants |
Things that people desire based on personality, experiences, or information about a product |
| target market |
A specific group of consumers that an organization selects as the focus of its marketing plan |
| demographics |
Statistics that describe a population in terms of personal characteristics |
| Marketing mix |
Statistics that describe a population in terms of personal characteristics |
| Channel of distribute |
Path a product takes form the producer to the consumer |
| Economics |
The study of the choices and decision that affect making, distributing, and using goods and services |
| GDP (gross domestic product) |
The value of all goods and services produced within a country |
| Profit |
The money left after all cost and expenses of a business are paid |
| Competition |
As a characteristic of free enterprise, the struggle among companies for customers |
| patent |
a granted protection for 20 years |
| promtion |
any form of communcation used to persuade people to buy products |
| royalty |
a payment for material that has been copyrights, or legally declared as belonging to the creator |
| mass marketing |
the production and distribution of a product intended to be sold to a relatively high proportion of the population. |
| limited partnerships |
a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs). |
| demand elastcity |
measure of the sensitivity of quantity demanded to changes in price. It is measured as elasticity |
| nonprice competition |
Competition among firms that choose to differentiate their products by nonprice means, for example, by quality, style, delivery methods, locations, or specialservices. |
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