| A | B |
|---|
| Marketing | Creation and maintenance of satisfying exchange relationships. |
| self-sufficient | not relying on others for the things you need to survive |
| bartering | exhanging products or services with others by agreeing on their values iwthout using money. |
| specialization of labor | concentrating effort on one thing or a few related activities so that they can be done well. |
| money system | the use of currency as a recognized medium of exchange |
| central market | a location where people bring products to be conveniently exchanged. |
| production | the business function that creates or obtains products or services for sale |
| merchandising | offering products produced or manufactured by others for sale to customers |
| operations | the ongoing activities designed to support the primary function of a business and keep it operating effciently |
| accounting and finance | the business funtion that plans and manages financial resources and maintains records and information related to a business's finances. |
| management | involves developing, implementing, and evaluating the plans and activites of a business |
| marketing concept | using the needs of customes as the primary focus during the planning, production, pricing, distribution, and promotion of a product or service. |
| market | the prospective customers a business wants to serve and the location of those customers |
| product | anything offered to a market by the business to satisfy needs, including physical products, services, and ideas |
| distribution | the locations and methods used to make the product available to customers |
| price | the actual amount customers pay and the methods of increasing the vaule of the product to the customers |
| promotion | include the methods used and information communicated to encourage customers to purchase and to increase their satisfaction. |
| relationship marketing | focuses on developing loyal customers who continue to purchase from the business for a long period of time |
| Employee empowerment | an approach to customer service that gives employees the authority to solve many customer problems |
