Chapter 1

bartering

exchanging products or services with others by agreeing on their values without using money

distribution (place)

the locations and methods used to make the product available to customers

market

the prospective customers a business wants to serve and the location of those customers

marketing concept

using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotion of a product or service

marketing mix

blending of the four marketing elements (product, distribution, price, and promotion) by the business

operations

the ongoing activities designed to support the primary function of a business and keep it operating efficiently

price

the actual amount customers pay and the methods of increasing the value of the product to the customers

product

anything offered to a market by the business to satisfy needs, including physical products, services, and ideas

production

the business function that creates or obtains products or services for sale

relationship marketing

focuses on developing loyal customers who continue to purchase from the business for a long period of time