| A | B |
|---|
| marketing | the creation and maintenance of satisfying exchange relationships. |
| self-sufficient | when a business or individual does not rely on others for the things they need to survive |
| bartering | exchanging products or services with others by agreeing on their values |
| specialization of labor | concentrating on one thing or a few closely related activities |
| money system | established the use of currency as a recognized medium of exchange |
| central market | a location where people bring products to be conveniently exchanged |
| production | this function creates or obtains products or services for sale |
| merchandising | offering products produced or manufactured by others for sale to customers |
| operations | this function is the ongoing activities designed to support the primary function of a business and keep it operating efficiently |
| accounting and finance | this function plans and manages financial resources and maintains records and information related to a business's finances |
| management | this function involves developing, implementing, and evaluating a business's plans and activities |
| marketing concept | using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotion of a product or service |
| market | a description of a unique group of prospective customers a business wants to serve and their location |
| marketing mix | the blending of four marketing elements - product, place, price, and promotion - by the business |
| product | anything offered to a market by the business to satisfy needs, including physical products, services, and ideas |
| distribution (place) | includes the locations and methods used to make the product available to customers |
| price | the amount that customers pay and the methods of increasing the value of the product to the customers |
| promotion | includes 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 the employees the authority to solve many customer problems |
