| A | B |
|---|
| marketing | the process of developing, promoting, and distributing products to satisfy customer needs and wants |
| goods | tangible products such as sports equipment |
| services | intangible products such as theater tickets |
| market | potential customers with shared needs who have the desire and ability to buy a product |
| needs | basic necessities required for survival such as food, clothing, and shelter |
| wants | things people desire based on their personality, experiences, or information |
| target market | a specific group of consumers that an organization selects as the focus of its marketing plan |
| demographics | statistics that describe a population in terms of personal characteristics |
| economics | the study of the choices and decisions that affect making, distributing, and using goods and services |
| GDP (Gross Domestic Product) | the value of all goods and services produced within a country |
| profit | the money left after all costs and expenses are paid from revenue |
| competition | the struggle among companies for customers |
| non-price competition | focuses on quality, service, or image instead of price |
| copyright | protects books, films, music for life plus 70 years |
| patents | protects inventions for 20 years |
| trademarks | protects names and symbols on a renewable basis |
| royalties | per unit payments to use copyrighted material |
| sole proprietorship | a business owned by one person |
| partnership | a business owned by two or more people |
| corportation | a business owned by stockholders |
