| A | B |
|---|
| Marketing Concept | The idea that organizations need to satisfy their customers while also trying to reach their organizational goals. |
| Market | Potential customers with shared needs who have the desire and ability to buy a product. |
| Needs | Occur when people experience a lack of basic necessities such as food, clothing, or 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 | A combination of four basic marketing strategies, known as the 4 Ps—product, price, place, and promotion. |
| Channel of Distribution | The path a product takes from the producer to the consumer. |
| Economics | The study of the choices and decisions that affect making, distributing, and using foods and services. |
| Gross Domestic Product (GDP): | The value of all goods and services produced within the country. |
| Profit | The money left after all costs and expenses of a business are paid. |
| Competition | The struggle among companies for customers. |
| Copyright | The legal protection of a creator’s intellectual property or products. |
| Sole Proprietorship | Involves only one owner. |
| Partnership | When there are two or more owners. |
| Limited Partnership | When a partnership has a “ silent partner”. |
| Corporation | A business entity that has the ability to conduct business and enter into contracts apart from its owner or owners. |
| Subchapter S Corporation: | Type of corporation that must follow all the same government regulations as a corporation, but it is taxed like a partnership |
