Chapter 1

3. Ensure a business is meeting the demand of its customers and can compete with other companies
6. Anything that can be bought and sold.
8. The proportion of total sales in an industry controlled by a particular business
11. ( The 4 P’s of marketing). Products, promotions, price, and place.
12. A formulated thought or opinion.

1. The study of how people make choices when resources are limited.
2. aspects of making, selling, and providing products in exchange for money
3. Gathering and analyzing information about a specific market and its consumers
4. This is a tangible item that is produced and sold to consumers
5. A specific group of people that a company aims to reach with its products or services
7. This is a method of selling that involves analyzing customer wants and needs, aiming to fulfill them better than the competitors. The three elements involved in this concept are: customer needs, company goals, and profits.
9. Is the performance of a particular task in exchange for money.
10. This is the process of promoting, selling, and distributing either a product or a service.