| A | B |
|---|
| Marketing Mix | Blending of the four marketing elements (product, distribution, price, and promotions) by the business. |
| Employee Empowerment | An approach to customer service that gives employees the authority to solve many customer problems. |
| Production | The business function that creates or obtains products or services for sale. |
| Market | The prospective customers a business wants to serve and the location of those customers. |
| Price | The actual amount customers pay and the methods of increasing the value of the product to the customers. |
| Management | Involves developing, implementing, and evaluating the plans and activities of a business. |
| Distribution (place) | The location and methods used to make the product available to customers. |
| Marketing Concept | Using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotion of a product or services. |
| Bartering | Exchanging products or services with others by agreeing on their values without using money. |
| Operations | The ongoing activities designed to support the primary function of a business and keep it operating efficiently. |
| Product | Anything offered to market by the business to satisfy needs, including physical projects, services, and ideas. |
| Central Market | A location where people bring products to be conveniently exchanged. |
| Merchandising | Offering products produced or manufactured by others for sale to customers. |
| Money System | The use of currency as a recognized medium of exchange. |
| Marketing | The creation and maintenance of satisfying exchanged relationships. |
| Accounting and Finance | The business function that plans and manages financial resources and maintains records and information related to a business''s finances . |
| Relationship Marketing | Focuses on developing loyal customers who continue to purchase from the business for a long period of time . |
| Self-Sufficient | Not relying on others for the things you need to survive . |
| Specialization of Labor | Concentrating effort on one thing or a few related activities so that they can be done well . |
