| A | B |
|---|
| Marketing | The process of planning, pricing, 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. |
| Marketing concept | Businesses should satisfy customers’ needs and wants while making a profit. |
| 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 | consists of consumers who purchase goods and services for personal use. |
| Industrial markets | includes all businesses that buy products for use in their operations. |
| Market share | a company’s percentage of total sales volume generated by all competition in a given market. |
| 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. |
| Target Market | A group of people identified as those most likely to become customers. |
