Vocab TACN Unit 5-9

Purchase, sale, or exchange of goods and services across national borders

Sending goods to another country for sale or trade

According to the social definition, marketing is a societal process by which individuals or groups obtain what they need and want through creating, offering, exchanging products and services of value freely with others.

The marketplace is physical, such as a store you shop in; marketspace is digital, as when you shop on the internet.

Market is condition permits buyers and sellers work together

Collecting, analysing and reporting data relevant to a specific market situation (such as a proposed new product) or use a questionnaire to carry out a survey.

Needs are the basic human requirements. People need air, food, water, clothing, and shelter to survive. People also have strong needs for recreation, education, and entertainment. These needs become wants when they are directed to specific objects that might satisfy the need. Demands are wants for specific products backed by an ability to pay.

Dividing a market into distinct groups of buyers who have different requirements or buying habits

A name, symbol or design (or some combination) that identifies a product or service.

A name or symbol that cannot be used by another producer.