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Marketing Unit 1

TermDefinition
Marketing The process of identifying, anticipating, and satisfying customer needs and wants through the creation, communication, delivery, and exchange of valuable products or services.
Goods Physical items that people can buy, sell, or use to satisfy their needs and wants.
Services Actions or activities that one person does for another in exchange for payment.
Target market The specific group of people a business wants to reach with its products or services.
Marketing Mix (4 P's) The combination of tools a business uses to promote and sell its products or services
International Trade When trades happen with countries.
Economics A social science that studies how individuals, businesses, governments, and societies make choices about how to Use limited resources to satisfy unlimited wants and needs.
Economic Activity Refers to the actual processes of goods and services in an economy.
Research Understanding customer needs and market trends.
Product Development Creating goods or services that provide value.
Pricing Setting a price that reflects value and appeals to the target market.
Promotion Communicating benefits to persuade customers (advertising, sales, etc.).
Distribution Making the product available where and when customers want it.
Consumer goods Used by individuals
Business goods Used to make other products
Resources the inputs used to produce goods and services that satisfy human wants and needs.
Stakeholder Someone who has an interest in a business
Shareholder Someone who invested money in a corporation in exchange for a share of the ownership
Business cycle The natural rise and fall of economic activity over time.
Expansion economy grows
Peak The economy is at its strongest point in the cycle.
Contraction Economic activity slows
Through The lowest point of the cycle
Challenges of trading globally Economic dependence, exchange rates, and cultural diversity
Benefits of trading globally Increased access to goods and services, greater competition, and economic growth.
Created by: porchea
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