Marketing Review - Unit 1/2

The function of business that includes all activities involving money

Type of utility added to a product when a business tells a customer about a product

The functions of a business involving all required to plan, coordinate & monitor a business

Utility added to a product when a business changes the form of something to make it more useful

Needs and wants that you can satisfy by buying something

General term for activites invloved in the development and exchange of products

Approach to business that says the way to make a profit is to focus on customer satisfaction

Legal entity whose main goal is to provide a service to others a no charge - charity

A prediction of future sales and revenue

This function handles activities involved in getting products from producers to customers

What are the 4 P's?

Something you desire but could function without

A plan of action for marketing a product; consist of the decisions made about each of the 4 P's

Function also called marketing research. It gathers, analyzes & distributes info about markets

Process of physically delivering goods to customers

A specific group of customers whose needs a company will focus on satisfying

Dynamics activities that focus on the customer to generate a profitable exchange

Anything that can be bought or sold; includes goods, services, and ideas

A consistent item that people accept in exchange for goods or works

The nonpersonal communication with customers, designed to influence them to purchase products

Process of telling people about the product and the company that offers it.

Actions done for customers to help them buy or use the product & provide comfort & enjoyment

A type of utility adding value in exchange for money for a company's goods or services.

The function consists of personal communications with customers

Somehting that is necessary for survival

Utility added to a product when a business makes products available at convenient locations

A physical item; something you can touch

A process by which a company can determine its strengths, weaknesses, opportunities, & threats

Business Owned by one person

To trade something of value for something you want

The notion that a sum of money has greater potential worth in the future than it does today

Business owned by a small number of people, usually two or more

Ability of a product to satisfy human wants and needs

Legal entity established for the purpose of doing business

This function handles all activities involved in setting prices for products

Added when a business makes a product more readily available at times needed by customers

Products that you buy to satisfy economic needs

Individual or group who buys products

A guide to help a company avoid pitfalls as lost sales, opportuniies and poor product planning

How much something is worth

An action that is done for the consumer

This function specializes in developing products

Amount of money requested or exchanged for a product

Money a business has left over after all the expenses and costs of running a business are paid

Any activity related to making a product (good, service or idea)

A concept, cause, issue, image, or philosophy that can be marketed

Positive feeling a customer gets when a product purchased meets or exceeds the customer's needs

The function is used to determine and target marketing strategies to selected audiences

Marketing activities involved in making products available to customers, includes distribution