| A | B |
|---|
| Market | A group of customers who share common wants and needs |
| Marketing | The process of creating, promoting, and presenting a product or service to meet the wants and needs of consumers |
| Relationship Marketing | Marketing that builds and maintains relationships with customers |
| Marketing Mix | Consists of four basic marketing strategies: product, price, place, and promotion |
| Channel of Distribution | A pathway to direct products to consumers |
| Direct Distribution | Occurs when goods or services are sold from the producer directly to the customer |
| Test Market | To offer a product in a limited market for a limited time |
| Break-even Point | The point at which total revenues equal total costs and expenses of developing and offering a product or service |
| Market Research | The gathering and analysis of information on the size, location, and makeup of the market |
| Marketing Concept | Involves determining the wants and needs of customers and providing them more efficiently and effectively than competitors |
| Demographics | Facts about the population, including age, gender, location, and income |
| Target Marketing | Helps companies to focus on the people most likely to buy their goods and services |
| Market Segmentation | The division of the market for a product into groups of customers who have the same needs and traits |
| Indirect Distribution | Involves one or more intermediaries |
