Studied by 3 people
Lesson 1
Marketing
A form of sales that uses various practices to attract customers to buy products or services.
Definition of Marketing
The activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.
Goods
Tangible items that have monetary value and satisfy needs.
Services
Intangible items that have monetary value and satisfy needs and wants.
Channel Management
The process of deciding how to get goods into customers' hands, including shipment and delivery methods.
Distribution
The main methods of transportation for goods, including truck, rail, ship, air, and drones.
Marketing Information Management (MIM)
The process of conducting research and gathering data about customer habits, attitudes, and marketplace trends.
Market Planning
Understanding concepts and strategies to develop and target specific marketing strategies to a select audience.
Target Audience
A specific group of people identified and researched based on their needs and wants.
Pricing
Decisions that dictate how much to charge for goods and services to make a profit.
Profit
The amount of money made after all expenses are paid.
Product Service Management
The process of obtaining, developing, and maintaining products or product improvements.
Promotion
Efforts to inform, persuade, or remind customers about a business's products or services.
Selling
The process of providing customers with the goods and services they want, influencing purchasing decisions.
Corporation
A legal entity created by individuals or shareholders to operate for profit, allowed to enter contracts, sue, own assets, and borrow money.
Note 
Flashcard (33)