| A | B |
|---|
| Marketing | defined as the process of developing, promoting, and distributing products. |
| Marketing Concept | the idea that organizations need to satisfy their customers while also trying to reach their organizations’ goals. |
| Market | consists of potential customers with shared needs who have the desire and ability to buy a product. |
| Need | occur when people experience a lack of basic necessities such as food, clothing, or shelter. |
| Wants | are things that people desire based on personality, experiences, or information about a product. |
| Target Market | a specific group of consumers that an organization selects as the focus of its marketing plan. |
| Demographics | are statistics that describe a population in terms of personal characteristics. |
| Marketing Mix | a combination of four basic marketing strategies, known as the 4 P’s. |
| Channel of Distribution | is the path a product takes from the producer to the consumer. |
| 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 purchased within a country. |
| Profit | the money left after all costs and expenses of a business are paid. |
| Competiton | a characteristic of a free enterprise, the struggle among companies for customers. |
| Copyright | the legal protection of a creator’s intellectual property or products. |
| Consumers | people who use products. |
| Discretionary Income | money left to spend after necessary expenses are paid; and a desire for recreation. |
| Kintoscope | a device used for viewing a new phenomenon-moving movies. |
| Vendors | sellers of products. |
| Product | a good or service that any for-profit industry sells to its customers. |
| Promotion | any form of communication used to persuade people to buy products through advertising, publicity, personal selling, or sales. |
| Endorsement | approval or support of a product or idea, usually by a celebrity lending his or her image or name to a product. |
| Core Product | the main product. |
| Ancillary Product | product related to or created from the core product. |
| Revenue | gross income. |
| Piracy | the unauthorized use of an owner’s or creator’s music, movies, or other copyrighted material. |
| Royalty | payment for material that has been copyrighted, or legally declared as belonging to the creator. |
| Cross-Promotion | any form of communication through which one industry relies on another industry to promote its product. |
| Product-Tie-In | use of ancillary products such as merchandise as promotional tools. |
| Convergence | the overlapping of product promotion. |
| Synergy | combined action that occurs when products owned by one source promotes the growth of related products. |
| Risks | unforeseen events and obstacles that can negatively affect business. |
| Risk Management | a strategy to offset business risks. |
| Consumer Loyalty | occurs when customers are happy with a company’s product and become a repeat customer. |
| Sponsorship | the promotion of a company in association with a property. |
