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Chapter 6 Vocab

Business Ownership

TermDefinition
Advertising paid, strategic communication to promote products, services, or ideas
Competition the rivalry between companies offering similar products or services to attract the same customers, aiming to gain market share, increase revenue, and achieve profit by competing
Customer any individual, group, or organization that purchases goods or services from a company in exchange for payment
Marketing The process of creating, communication, that has value for customers, clients, partners, and society, focusing on attracting and retaining them
Niche a specialized, focused segment of a larger market
Promotion marketing activities that communicate a product's value to persuade customers to buy
Survey a systematic method of collecting data and insights from a specific group
Target Market a specific, defined group of consumers most likely to buy a company's products or services
Created by: Sbowers26
 

 



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