GRADE: 12 GED UNIT 4 SEM 2
INTRODUCTION TO THE MARKETING
4.1MARKETING IN A BUSINESS
Key Terms
Terms Definition
Need a need is something necessary to live
Social needs Belonging, affection, attachment, relations
Physical needs Food, clothing, shelter, safety
Individual needs Learning, knowledge, self-expression, playing, different physical
activities.
Wants a want is something which people like to buy but not necessary for life
Customer an individual or business that buy goods and services.
Consumers the final user of product
Market a place where buyers and sellers can meet to facilitate the exchange or
transaction of goods and services
Target market individual or business identified by a any business as the customer or
consumer for its product
Consumer Market a market where individuals purchase products or services for their own
personal use, as compared to buying it to sell themselves
Industrial Market market for goods and services bought by other business for production
process.
Business the combination of internal and external factors that influence the
Environment operation of business
Customer Base the group of customers a business sells its products and services to
Free Trade a trade without any barriers or stoppage
Promotion marketing activity used to communicate with customers with offers
/discounts.
Customer Loyalty an ongoing emotional relationship between business and customer.
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INTRODUCTION TO THE MARKETING
4.1MARKETING IN A BUSINESS
Key Terms
Terms Definition
Need a need is something necessary to live
Social needs Belonging, affection, attachment, relations
Physical needs Food, clothing, shelter, safety
Individual needs Learning, knowledge, self-expression, playing, different physical
activities.
Wants a want is something which people like to buy but not necessary for life
Customer an individual or business that buy goods and services.
Consumers the final user of product
Market a place where buyers and sellers can meet to facilitate the exchange or
transaction of goods and services
Target market individual or business identified by a any business as the customer or
consumer for its product
Consumer Market a market where individuals purchase products or services for their own
personal use, as compared to buying it to sell themselves
Industrial Market market for goods and services bought by other business for production
process.
Business the combination of internal and external factors that influence the
Environment operation of business
Customer Base the group of customers a business sells its products and services to
Free Trade a trade without any barriers or stoppage
Promotion marketing activity used to communicate with customers with offers
/discounts.
Customer Loyalty an ongoing emotional relationship between business and customer.
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