Chapter 13 Vocabulary

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Is the process of creating, promoting, and presenting a product or service to meet the wants and needs of consumers, wherever they are.

Involves one or more intermediaries.

Is to build and maintain relationships with their customers.

Is the point at which total revenues, or sales, equal total costs and expenses of developing and offering a product or service.

To test-market means to offer it in a limited market for a limited amount of time.

Is the gathering and analysis of information on the size, location, and makeup of a market.

Helps companies focus on the people most likely to buy their goods or services.

Is a group of customers who share common wants and needs.