Marketing is a significant element in both the organization, the society, and the consumers. For instance, in the distribution of goods and services, marketing plays a vital role in satisfying the needs and wants of the consumers as well as the needs of society. According to various studies, marketing is a critical process in promoting and selling goods and services to consumers. Studies further argue that through marketing, businesses can maintain a company’s reputation and engage customers effectively. Therefore, an entrepreneur must identify and understand the various terminologies of marketing. Some of the basic terms of marketing include Product, Customer, Trade, Monopoly, Supply, and demand. These terms are crucial in ensuring the company’s success if they are well understood by an entrepreneur. In the PBS-NOVA Documentary "Secrets of the Viking Sword,” both the associates use marketing terminologies in their explanation, hence showing the importance of marketing in various businesses. The first marketing concept in the documentary is “product.” Customers often prefer products of excellent quality. Hence manufacturers develop more innovative products to meet the dem ...
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