| A | B |
|---|
| marketing | The process of planning, pricing, promoting, selling, and distributing products to satisfy customer’s needs and wants |
| marketing concept | The idea that a business should strive to satisfy customers’ needs and wants while generating a profit |
| marketing mix | People, Product, Price, Place and Promotion |
| goods | tangible items, such as sports equipment |
| services | intangible products, such as theater tickets |
| needs | 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 people that a business wants to reach with their goods or services |
| geographics | where people live |
| demographics | personal characteristics like age, gender, income, ethnic background, education & occupation |
| psychographics | lifestyle (attitudes/values) |
| product benefits | consumer wants and needs |
| financing | Getting Money needed to finance the operation of the business; Decisions regarding offering credit (payment options) to customers |
| marketing information management | Process of getting the marketing information needed to make good decisions |
| pricing | how much to charge for goods and services, most decisions take competition into consideration. |
| product service management | obtaining developing, maintaining, and improving a product or product mix in response to market opportunities |
| promotion | Any form of communication used to inform, persuade, or remind people about a business’s products |
| selling | Providing customers with goods and services they want to buy |
| distribution | making decisions about where to sell the product |
| economics | the study of the choices and decisions that affect making, distributing, and using goods and services |
| GDP | the value of all goods and services produced within a country |
| profit | the money left after all costs and expenses of a business are paid |
| competition | as a characteristic of free enterprise, the struggle among companies for customers |
| copyright | legal protection of a creator’s intellectual property or products |
| disposable income | Money left after taxes. Used for buying necessities: food, shelter and clothes |
| discretionary income | Income that can be freely spent. Income left over after all obligations (needs) have been met. Used for buying extras, recreation, etc |
| gross impression | the number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer |
| entertainment | whatever people are willing to spend their money and spare time viewing rather than participating in |
| sports | games of athletic skill |
| recreation | can be defined as renewing or rejuvenating your body or mind with play or amusing activity |
| recreational activities | those activities involved in travel, tourism, and amateur sports that are not associated with educational institutions |
| tourism | traveling for pleasure whether the travel is independent or tour-based |
