marketing terms Flashcards
1
Q
needs
A
states of felt deprivation( physical, social, self expression)
2
Q
wants
A
the form taken by needs as they are shaped by culture and individual development
3
Q
demand
A
‘wants’ that are backed by buying power.
4
Q
product
A
something viewed as being capable of satisfying a need or want good services places ideas people organisation
5
Q
exchange
A
the act of obtaining a desired object from someone by offering something in return
restricted: simple
generalised: more complex
complex: multiple parties
6
Q
transaction
A
a trade of values between two parties
7
Q
market
A
a market is the set of all actual and potential buyers of a product
they share a particular need or want that can be satisfied through exchange
