| A | B |
|---|
| Marketing | the creation and maintenance of satisfying exchange relationships. |
| Marketing Concept | using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotion of a product or service. |
| Product | anything offered to a market by the business to satisfy needs, including physical products, services, and ideas. |
| Ethics | moral principles or values based on honesty and fairness. |
| Code of Ethics | a set of standards or rules that guide ethical business behavior. |
| Command Economy | an economy where the government answers the three economic questions. |
| Free Economy | an economy where the resources are owned by individuals rather than the government. |
| Mixed Economy | an economy where some goods and services are provided by the government and some by private enterprise. |
| Macroeconomics | studies the economic behavior in the economy. |
| Microeconomics | studies the relationships between individual consumers and producers. |
| Law of Demand | when the price of a product is increased, less will be demanded. |
| Law of Supply | when the price of a product is increased, more will be produced. |
| Pure Competition | when many suppliers offer very similar products. |
| Strategy | a plan that identifies how a company expects to achieve its goals. |
| Target Market | a clearly defined segment of the market to which a business wants to appeal. |
| Internal Information | information developed from activities that occur within the organization. |
| External Information | provides an understanding of factors outside of the organization. |
| Marketing Research | a procedure designed to identify solutions to a specific marketing problem through the use of specific marketing problem through the use of scientific problem solving. |
| Primary Data | information collected for the first time to solve the problem being studied. |
| Secondary Data | information already collected for another purpose that can be used to solve the current problem. |
| Need | anything that you require to live. |
| Want | a culturally defined way to fulfill that need. |
| Hedonic Motives | reasons to purchase based on feelings and emotions. |
| Buying Motives | the reasons that you buy items. |
| Rational Motives | reasons to buy based on facts or logic. |
| E-commerce | includes all the activities involved in the exchange of goods, services, and information that relate to buying and selling goods over the internet |
| Innovation | the introduction of something new and makes a significant change or improvement |
| Technology | the practical application of scientific knowledge |
| Click-only Business | companies that complete almost all of their business activities through the internet |
| Brick-and-Mortar Business | companies that still complete most of their activities by means other than the internet |
| Brick-and-Click Business | companies that combine traditional business operations with extensive use of the internet |
| Social Media | includes any technology that allows consumers to have conversations and share content they have created |
| Consumer Decision-Making Process | the process by which consumers collect and analyze information to make choices among alternatives |
| Personal Identity | consists of the characteristics that make a person unique |
| Attitude | a frame of mind developed from a person's values, beliefs, and feelings |
| Self-Concept | an individual's belief about his or her identity, image, and capabilities |
| Lifestyle | the way a person lives as reflected by material goods, activities, and relationships |
| Reference Group | a group of people or an organization that an individual admires, identifies with, and wants to be a part of |
| Decision | a choice among alternatives |
| Marketing Mix | a blend of the four marketing elements - product, place, price, and promotion |
