Chapter 13: Marketing in Today’s World

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