Chapter 1 Marketing

Marketing

the process of developing, promoting, and distributing products or goods and services, to satisfy customers' needs and wants.

Marketing Concept

a philosophy that a business should work to satisfy customer needs and wants while generating a profit for the business

Market

Potential customers with shared needs who have the desire and ability to buy a product.

Needs

Something is necessary for a person’s well-being

Wants

Something that a person would like to have, but that is not truly necessary for their well-being

Marketing Mix

a combination of four basic marketing strategies, known as the 4 P's- Product, Price, Place and Promotion.

Economics

the study of the choices and decisions that affect making, distributing and using goods and services.