Section 5

Occurs when someone gives up something in return for something else e.g. a business gives up a product or service in exchange for money

Something that needs to be fulfilled for us to survive e.g. water and food

What we would like to have

Someone who buys a product or service from a business

Someone who uses the goods and services from a business

A place where buyers and sellers meet

Dividing a market into different needs and wants

Measures the number of items sold

Measures the revenue generated

The process of gathering, analysing and processing of data relevant to marketing decisions