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Marketing chptr. 1

Key words

TermDefinition
Accounting and finance the business function that plans and manages financial resources and maintains records and information related to a business's finances
Bartering exchanging products or services with others by agreeing on their values without using money
Central market a location where people bring products to be conveniently exchanged
Distribution (place) the locations and methods used to make the product available to customers
Employee empowerment an approach to customer service that gives employees the authority to solve many customer problems
Management involves developing, implementing, and evaluating the plans and activities of a business
Market the prospective customers a business wants to serve and the location of those customers
Marketing the creation and maintenance of satisfying exchange relationships
Marketing concept using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotion of a product or service
Marketing mix blending of the four marketing elements (product, distribution, price, and promotion) by the business
Merchandising offering products produced or manufactured by others for sale to customers
Money system the use of currency as a recognized medium of exchange
Operations the ongoing activities designed to support the primary function of a business and keep it operating efficiently
Price the actual amount customers pay and the methods of increasing the value of the product to the customers
Product anything offered to a market by the business to satisfy needs, including physical products, services, and ideas
Production the business function that creates or obtains products or services for sale
Self-suffecient not relying on others for the things you need to survive
Relationship markeing focuses on developing loyal customers who continue to purchase from the business for a long period of time
Specialization of labor concentrating effort on one thing or a few related activities so that they can be done well
Created by: Hailfire
Popular Marketing sets

 

 



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