Business Studies Marketing management Important terms: Resource material: 1. market: it reers to the set of actual and potential buyers. 2. customer: the persons who wants to satisfy their needs. 3. marketing: it is a social process where people exchange goods and services for money or something of value them. 4. Production concept: whwn products are widely available at an affordable price. 5. Product concept: where products of high quality were offered to customers. 6. Sales concept: in order to mould the customers according to product. 7. marketing concept: A firm can achive target by identifying needs and satisfying them better than their competitors. 8. societal marketing concept: social goals must also be considered while satisfying consumers needs. 9. marketing management: The process of planning , organizing, directing and controlling the activities of marketing. 10. marketing mix: it is the sets of marketing tools that a firm use to achieve its marketing targets. 11. consumers products: which are purchased by ultimate consumers for their personal needs. 12. industrial products: which are used as inputs in producing other products. 13. brand: it is a name, term, sign, symbol, design etc. used to identify the products. 14. Brand name: the part of brand which can be spoken. 15. Brand mark: which appears in the form of symbol or design. 16. Trade mark: a brand that is given legal protection. 17. packing: it refers to the act of designing and producing the container or wrapper. 18. labeling: A label carries the information about the product. 19. Price: price is the amount paid by a customer in consideration of the product. 20. place: all activities required for the phiical movement of goods. 21. promotion: use of communication to inform about the product and motivate them to buy it. 22. sales promotion: short term incentives which are designed to increase the sale of products. 23. personal selling: oral presentation of message in form of conversation with customers for the purpose of making sales. 24. Publicity: it is non personal and non paid form of communication.