Ch. 1 Vocab

Businesses that buy products to use in their operations

A company's % of the total sales earmed by companies in that market

People who share similar needs/wants & are capable of buying products.

Attribute of a product that is capable of satisfying consumers

A group of people identified as those most likely to become customers

Process of planning and selling, etc.. products to satisfy customers

The 4 basic marketing strategies: product, place, price, and promotion.

Intangible items that have monetary value and satisfy your needs and wants

Information about a target market - age, income, ethnicity, and geography

Businesses should satisfy customers' needs and wants while making a profit.

Consumers who purchase goods and services for personal use

Tangible items that have monetary value and satisfy your needs and wants