| A | B |
|---|
| Groups of marketing activities | marketing functions |
| Considering the needs of customers when planning, pricing, distributing, and promoting a product or service | marketing concept |
| A two-step process for successfully planning and marketing products and services | marketing strategy |
| A clearly identified group of consumers with needs that the business wants to satisfy | target market |
| A combination of marketing elements, sometimes referred to as the 4 P's of marketing, designed to meet the needs of a target market | marketing mix |
| The path that a product travels from producer to consumer | channel of distribution |
| Anything offered to the target market to satisfy their needs | product |
| The process through which goods are bought by the consumer directly from the producer | direct channel of distribution |
| The locations where products are sold and the ways they are made available to customers | place |
| What customers pay and the method of payment | price |
| The process through which goods move from producer to consumer through one or more intermediary | indirect channel of distribution |
| The methods used to communicate information to customers in order to encourage purchases and to increase their satisfaction | promotion |
| A business that sells directly to the consumer | retailer |
| The reasons for making a purchase | buying motives |
| An intermediary that assists with distribution activities between business | wholesaler |
| Principles of morality or rules of conduct | ethics |
| The obligation of a business to contribute to the well-being of a community | social responsibility |
| Rules about how businesses and their employees ought to behave | business ethics |
| A natural resource, such as gas, coal, copper, and iron ore, that cannot be replaced once it is used up | non-renewable resource |
| A statement of values and rules that guides the behavior of employees or members of an organization | code of ethics |
| A business that supplies a service or product vital to all people; the price charged for the product or service is determined by government regulation rather than by competition. | public utility |
| Business transactions involving companies that do business only in one state. | intrastate commerce |
| Government income. | revenue |
| Laws designed to promote competition and fairness and to prevent monopolies | antitrust laws |
| Protection of the work of authors, composers, and artists. | copyright |
| An agreement to exchange goods or services for something of value | contract |
| The exclusive right given to a person to make, use, or sell an invention for a specific amount of years. | patent |
| Business transactions involving companies in more than one state. | interstate commerce |
| A word, letter, or symbol associated with a specific product or company | trademark |
| A business that has complete control of the market for a product or service. | monopoly |
| goods and services sold to another country | exports |
| A limit on the quantity of a product that may be imported and exported within a given period of time | quota |
| An organization that conducts business in several countries | multinational company or corporation (MNC) |
| The value of money of one country expressed in terms of the money of another country | exchange rate |
| Goods and services bought from another country | imports |
| Stopping the importing and exporting of a certain product or service | embargo |
| the difference between a country's total exports and total imports of goods | balance of trade |
| A tax that a government places on a certain imported products | tariff |
| The difference between a country's total payments to other countries and its total receipts from other countries | balance of payments |
| The business activites necessary for creating, shipping, and selling goods and services across national borders | international business |
| Avoiding being to emotional or unpredictable | Stability |
| Being ethical in their decisions and in their treatment of others | Honesty |
| Willing to take reasonable risks and to make unpopular decisions | Courage |
| Able to listen, speak, and write effectively | Communications |
| Having the knowledge and understanding needed to perform well | Intelligence |
| Respecting the feelings and needs of the people they work with. | Understanding |
| Having the ambition and motivation to get work done without being asked | Initiative |
| Following through on commitments | Dependability |
| Making decisions carefully | Judgment |
| Looking at all sides of an issue before making a decision | Objectivity |
| Goods are produced the way they have always been produced | Custom-based Economy |
| Resources are owned and controlled by the government. | Planned (Direct) Economy |
| The three economic questions are answered by individuals through the buying and selling activities in the marketplace. | Market Economy |
| The quantity of a good an average worker produces in one hour | labor productivity |
| The quantity of a product or service that businesses are willing and able to provide at a particular price | supply |
| The quantity of a product or service that consumers are willing and able to buy at a particular price | demand |
| Supply = Demand | market equilibrium |
| Measured by the kinds and quality of goods and services you can afford | standard of living |
