MKT 1-1 Glossary

Promotion

Informing potential customers that a product or service exists, and the results they should expect from using it.

Non-durable Goods

Items that are quickly consumed; they only last a short period of time, like fast food, coffee, shampoo, and deodorant.

Private Enterprise System

One in which businesses are privately owned and run by people rather than the government.

Marketing

The enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and for the benefit of society as a whole.

Marketing Concept

To analyze and identify the needs and wants of customers, build products, solutions and strategies to satisfy those needs and wants, better and more effectively than its competitors, and to achieve the goals of the organization itself.

Durable Goods

goods that last for a relatively long time, such as refrigerators, cars, and DVD players