Glossary

• Marketing: The process of identifying, anticipating, and satisfying customer needs and wants through the creation, promotion, and distribution of products and services.

• Market research: The process of gathering and analyzing data about the market, competitors, and customers to inform marketing strategies and decision-making.

• Target market: The specific group of consumers that a business or organization intends to reach with its marketing efforts.

• Marketing mix: The combination of product, price, promotion, and place (distribution) that a business uses to reach its target market and achieve its marketing objectives.

• Product: A tangible or intangible good or service that meets the needs or wants of a customer.

• Price: The amount of money that a customer must pay to purchase a product or service.

• Promotion: The various marketing efforts used to communicate the value of a product or service to potential customers, including advertising, public relations, personal selling, and sales promotion.

• Place (distribution): The channels and methods used to make a product or service available to customers, including physical stores, online retailers, and distribution partners.

• Customer: An individual or organization that purchases goods or services from a business.

• Customer needs and wants: The functional and emotional requirements that drive a customer to purchase a product or service.

• Marketing objectives: The specific goals that a business or organization hopes to achieve through its marketing efforts, such as increasing sales, improving brand awareness, or expanding into new markets.