| A | B |
|---|
| Marketing | The creation and maintentance of satisfying exchange relationships. |
| Exchange Relationship | Occurs when the parties involved (business and customer) both give and receive something of value. |
| The Marketing Mix | Describes how a business blends the 4 marketing elements of product, distribution (place) , price, and promotion |
| Product | What a business offers customers to satisfy needs (Good, service or idea) |
| Distribution | Involves the locations and methods used to make products available to consumers. |
| Price | The amount that customers pay for products. |
| Discretionary Income | The amount of money individuals have available to spend after paying for the necessities of life and fixed expenses such as housing and car payments. |
| Channel Management | Determining the best way to get a company's products or services to customers. |
| Pricing | The process of establishing and communicating to customers the value or costs of goods and services. |
| Marketing-Information Management | Gathering and using information about customers to improve business decision making. |
| Product/Service Management | Designing, developing, maintaining, improving, and acquiring products or services for the purpose of meeting customer needs and wants. |
| Promotion | Using advertising and other forms of communication to distribute information about products and services to achieve a desired outcome. |
| Selling | Any direct and personal communication with customers to assess and satisfy their needs. |
| Market Planning | Analyzing markets that a company wants to serve and determining how to compete in those markets. |
| Financing | Without financing, the other cores standards of marketing would not be as effective. |
