key terms 1

3. the key activities that help a business connect with its customers and drive sales
6. is anything offered to a market that satisfies a want or need
8. is the percentage of total sales in a particular industry or market that is earned by a specific company over a defined period
11. the combination of key elements a business uses to promote and sell its products effectively, traditionally known as the 4 P's: Product, Price, Place, and Promotion.
12. is a thought, concept, or mental impression that arises in the mind, often as a spark of creativity, a solution to a problem, or a foundation for action or innovation.

1. study of how people, businesses, and governments make choices about allocating scarce resources to satisfy unlimited wants.
2. trading goods or services for profit within a dynamic playground of markets and relationships
3. is the process of gathering, analyzing, and interpreting information about a market, including insights into consumer needs
4. something that is morally right, beneficial, desirable
5. is a specific group of consumers a business aims to reach with its products, services, and marketing efforts
7. that a business should focus on identifying and satisfying customer needs better than competitors to achieve success
9. is an intangible offering that provides value by performing tasks, solving problems, or delivering experiences to meet customer needs
10. art and science of promoting and selling products by connecting with customer needs and desires.