| A | B |
|---|
| Marketing | Process of developing, promoting, and distributing products or goods and services to satisfy cutomers' needs and wants. |
| Marketing concept | 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 |
| Target Market | Specific group of customers that an organization selects as the focus of its marketing plan |
| Demographics | Statistics that describe a population in terms of personal characteristics |
| Channel of Distribution | Route a product takes from the producer to the consumer |
| Gross Domestic Product (GDP) | Value of all goods and services produced within a country |
| Profit | Money left after all costs and expenses of a business are paid |
| Competition | Struggle among companies for customers |
| Subchapter S corporation | Form of business ownership |
| Consumers | People who use products |
| Vendors | Sellers of products |
| Product | A good or service that any for-profit inductry sells to its customers |
| Endorsement | Approval or support of a product, service, or idea, usually by a celebrity |
| Ancillary Product | A product related to or created for the core product |
| Royalty | Payment for material that has been copyrighted, or legally declared as belonging to the creator |
| Product Tie-In | Use of ancillary products such as merchandise as promotional tools |
| Cross-Promotion | Any form of communication through which one industry relies on another industry to promote its product |
| Convergence | The overlapping of product promotion |
| Consumer Loyalty | When consumers are happy with a company and become repeat customers |
