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Introduction of Business – Chapter 13 Vocabulary

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Target Marketing
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Finding and analyzing potential consumers for a product.
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Market
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A group of customers who share common wants and needs.
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Marketing
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The process of creating, promotion, and presenting, a product to wants and needs of consumers.
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Break-even Point
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The amount of money a company has to make on a product to pay for the cost of producing it.
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Wholesaler
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A type of business that buys goods in large amounts and resells them to other businesses in smaller lots.
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Demographics
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Facts about the population in terms of age, gender, income, and education.
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Marketing Mix
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Product, Place, Price, and Promotion.
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Direct Distribution
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Selling goods and services directly from producers to consumers without using intermediaries.
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Indirect Distribution
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Moving goods from producers to consumers using one or more intermediaries.
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Retailer
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A business that sells goods or services directly to the public.
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Marketing Concept
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A plan for how to market a product or service to consumers.
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Channel of Distribution
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A particular means of directing products from producers to consumers, such as a wholesaler or retailer.
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Market Research
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Gathering and studying information about the buying habits of consumers to determine what goods and services to produce.
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Relationship Marketing
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Building customer loyalty through good customer relations.