M: Minnesota Mining and manufacturing Company

ganizations that assist in moving goods and services from producers and businesses (B2B) and from business to consumer (B2C).

Marketing mix: the ingredients that go into a marketing program: 4Ps a product, price, place, and promotion

Market segmentation: the process of dividing the total market into groups whose members have similar characteristics.

Oligopoly: a degree of competition in which just a few sellers dominate the market.

Operating expenses: costs involved in operating a business, such as rent, utilities, and salaries

Operations management: a specialized area of management that converts and transforms resources a including human resources a into goods and services.

Production management: the term used to describe all the activities managers do to help their firm create goods.

Stakeholder: all the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address.

Standard of living: the amount of goods and services people