vocab 1-1
vocab 1-2
vocab 1-3
vocab 1-4
100
what is marketing
the creation and maintenance of satisfying exchange relationships?
100
what is a central market
a location where people bring products to be conveniently exchanged
100
what is operations
ongoing activities designed to support the primary function of a business and keep it operating efficiently are known as?
100
what is promotion
the methods used and info communicated to encourage customers to purchase and to increase their satisfaction
200
what is specialization of labor
concentrating on one thing or a few related activities so that they can be done well
200
what is management
involves development implementing and evaluating the plans and activities of a business
200
what is distribution
includes the locations and methods used to make the product available to customers
300
what is self-sufficient
to not rely on others for the things you need to survive is to be?
300
what is production
creates or obtains products or services for sale
300
what is market
description of a unique group of prospective customers a business wants to serve and their location
300
what is market mix
the blending of four marketing elements - product,distribution,price and promotion
400
what is bartering
exchange with others to obtain the things that are needed?
400
what is accounting and finance
plans and manages financial resources and maintains records and info related to a business's finances
400
what is product
anything offered to a market by the business to satisfy needs including physical products services and ideas
400
what is marketing concept
using the needs of customers as the primary focus during the,planning,production,pricing,distribution,and promotion of a product or service
500
what is a money system
established the use of currency as a recognized medium of exchange
500
what is merchandising
offering products produced or manufactured by others for resale to consumers is known as?
500
what is price
the amount that consumers pay and the methods of increasing the value of the product to the customers
500
what is relationship market
focuses on developing loyal customers who continue to purchase from the business for a long period of time
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