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Chapter 1 Glossary
Glossary
Chapter 1
accounting
and finance
the business function that plans and manages financial resources and maintains records and
information related to a business''s finances
bartering
exchanging products or services with others by agreeing on their values without using money
central market a location where people bring products to be conveniently exchanged
distribution
(place)
the locations and methods used to make the product available to customers
employee
an approach to customer service that gives employees the authority to solve many customer
empowerment problems
management
involves developing, implementing, and evaluating the plans and activities of a business
market
the prospective customers a business wants to serve and the location of those customers
marketing
the creation and maintenance of satisfying exchange relationships
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
merchandising offering products produced or manufactured by others for sale to customers
money system the use of currency as a recognized medium of exchange
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
self-sufficient
not relying on others for the things you need to survive
specialization
of labor
concentrating effort on one thing or a few related activities so that they can be done well