| A | B |
|---|
| Market | a group of customers who share common wants and needs and who have the ability to pay |
| marketing | the process of creating, promoting and presenting a product to meet the wants and needs of consumers |
| marketing concepts | businesses need to know their customers wants and needs in order to make a profit |
| target market | to find and analyze potential customers |
| relationship marketing | using a customer sales representative to interact with a potential customer |
| marketing mix | product, price, place, promotion |
| market research | gather and study information about consumers to determi8ne what kid of goods and services to product |
| demographics | characteristics about a population (age, gender, income, education) |
| channel of distribution | the path goods take from manufacturer to consumer |
| direct distribution | goods are sold directly from manufacturer to consumer |
| indirect distribution | involves several intermediaries |
| wholesaler | receives large shipments of products from many different producers in bulk |
| retailer | sells goods directly to the final consumer |
| Place | which store sells your product and where in the store your product is located |
| Price | should cover all expenses and allow for profit |
| promotions | making customers aware of a product or service (advertising, publicity, samples) |
| publicity | promotion that you do not pay for so you do not have control over it |
| advertising | promotion that you pay for so you do have control over it |
