An advantage consumers receive from using a product.

The total amount of money spent on costs of materials, labor, taxes, etc. to manufacture economic goods and services.

The arrangement by which businesses or individuals can purchase now and pay later.

A deduction from the price of goods.

The money that a business spends.

A fact or characteristic of the product.

An objective or want that you plan to fulfill.

The money received by resource owners and by producers for supplying goods and services to consumers.

A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals.

The combination of the four elements of marketing—product, place, promotion, and price.

The message channels used by a seller to promote a good, service, or idea; e.g., radio, television, newspapers, magazines, Internet.

The form of promotion that determines client needs and wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities.

Marketing element focusing on considerations in getting a selected product in the right place at the right time.

Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products.

Monetary reward a business owner receives for taking the risk involved in investing in a business.

Marketing element referring to the various types of communications that marketers use to inform, persuade, or remind customers of their products.

A function of business designed to establish good relations between the business and the public.

Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual that benefits from or is harmed by it.

The degree of excellence of a good or service—how good it is.

Any item that is used to produce goods and services.

Promotional activities other than advertising, personal selling, and publicity that stimulate customer purchases.

Plans of action for achieving goals and objectives.

Specific actions that will be used to carry out strategies.

The amount of satisfaction a good or service will provide a customer.

A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected.