Marketing - The dynamic activities that focus on the customer to generate a profitable exchange
The Goal of Marketing - To meet customers' needs (goods
... [Show More] and services you need) and wants (goods and services you do not need but would like to have) with products that customers can and will buy
Dynamic - constantly changing
Customer - an individual or group who buys products
Target Market - The specific group of customers whose needs a company will focus on satisfying
The Four Ps of Marketing - Product, Place, Price, and Promotion
Product - Anything that can be bought or sold
Good - A physical item
Service - An action that is done for you
Idea - A concept, cause, issue, image, or philosophy that can be marketed
Place - The process of making products available to customers
Distribution - the process of physically delivering goods to customers
Price - The amount of money requested or exchanged for a product
Marketing Plan - A guide for a company's product which includes Market Opportunities and Analysis, Strategy, and an Action Plan
SWOT Analysis - An analysis of a company's strengths, weaknesses, opportunities, and threats
Forecast - A prediction of future sales or revenue
Need - Something that is necessary for survival
Want - Something a person desires but could function without
Economic Needs and Wants - Needs and wants that you can satisfy by buying something
Economic Goods and Services - The products that you buy to satisfy economic needs
Exchange - To trade something of value for something you want
Money - A consistent item people accept in exchange for goods or work
Value - How much something is worth
Time Value of Money - The greater potential worth in the future than it does today
Store of Wealth - Money's ability to keep and store wealth for long periods of time.
Business - The general term for all the activities involved in the development and exchange of products
Profit - The money that a business has left after all the expenses and costs of running the business are paid
Sole Proprietorship - A business owned by one person [who] has all the responsibility and gets all the profits from the business
Partnership - A business owned by a small number of people, usually two or three
Legal Entity - An artificial person that exists separately from [other people]
Corporation - A legal entity established for the purpose of doing business [who] can buy property, run a business, manufacture products, earn money, lose money, sue, and be sued
Stockholders - People who own a corporation
Stock - The right of partial ownership in a corporation
Two Categories of Business Organizations - For-profit and not-for-profit
For-Profit - A business organization whose goal is to make a profit for the owners
Not-for-Profit - A legal entity whose goal is to benefit society
NPO Categories - Social services, recreation and sport, arts and culture, food and health, housing, religion, and education [Show Less]