These are human wants and needs back up by purchasing power.

This term refers to a state of felt deprivation. It is also known as natural essential elements designed for survival.

This is known as the act of obtaining a desired object from someone by offering something in return.

These are group of people who have the money and the willingness to spend it.

The extent to which a product tends to meet the buyer’s expectation of this product.

A bundle of attributes and benefits designed to be offered to buyers to satisfy their needs, wants and demands.

It is essentially an intangible product offered for the benefit and satisfaction of buyers.

The human interaction between an enterprise and its customers designed to create value-laden dealings and associations.

This term means putting parts together to form a final product.

This person in the enterprise is expected to ensure that all resources or inputs are efficiently utilized to produce outputs at the right price, quality and quantity desired by the consumer or buyer.

In an economic perspective, this pertains to machines, equipment, buildings and other physical resources, which are used in the production of goods and services.

These are tangible assets, perishable or non-perishable, which are very essential in production.

A vital factor to the success of any organization, this aspect allows the entrepreneur to gather data that are necessary in the formulation of plans and programs for the enterprise.

These represents the payments for the factors of production, which affect the ability and willingness of entrepreneurs to produce goods and offer services.

These are stockpiles of materials for inputs.

These are the completed goods for delivery to customers.

This is the subject of many forms of analysis, and variety of system has been created for ordering, handling and control.

This involves the planning and control of the conversion process, another way of looking at operations to consider it has a transformation process service (input), operations management and output.

They are the buyers but not necessarily the users of the products bought.