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DECA Vocab.CH.1
DECA Vocab.
Question | Answer |
---|---|
Marketing | The process of Planning, Promoting, selling, and distributing products to satisfy customers' needs and wants. |
Goods | Tangible items of monetary value that satisfy needs and wants. |
Services | Intangible items of monetary value that satisfy needs and wants. |
Utility | An attribute of a product or service that makes it capable of satisfying consumers' wants and needs. |
Market | People who share similar needs and wants and are capable of buying products. |
Consumer Market | Consumers who purchase goods and services for personal use. |
Industrial Market | Businesses that buy products to use in their operations;also called the business-to-business market. |
Market Share | A company's percentage of total sales volume generated by all competition in a given market. |
Target Market | A group of people identified as those most likely to become customers. |
Customer Profile | A List of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle,and geographic residence. |
Marketing Mix | The four basic marketing strategies, called the four P's: Product, Place, Price, and Promotion |