Duplicate of Mktg: Ch 1 - Marketing Is All Around Us

Services that you cannot touch

Grocery store food is an example of

The 4P's are known as the

Process of planning, pricing, promoting, selling ideas, goods, or services to satisfy customers

Having product available at a certain time of year or a convenient time of day.

›The process of classifying customers by needs and wants.

Changes raw materials or puts parts together to make them more useful.

›Provides customers with goods and services they want

Determining where your customers shop, how much to stock & how to get the product to the shelf

›Deciding how much will you charge for goods and services in order to make a profit

›Selling to wholesalers, retailers, or manufacturers

Information utility includes

Process of deciding how to get goods to customers

A company's ›percentage of the total sales generated by all companies in a given market.

›Activities related to advertising, personal selling, sales promotion and publicity

The attribute of a product/service making it capable of satisfying a customers’ wants and needs

More competitors can often mean

Consists of consumers who purchase goods and services for personal use

Taking your suit to the dry cleaners is an example of

Studying ›customer habits and attitudes

›Obtaining, developing, maintaining, and improving a product because of market opportunities

A good that you can touch.

›Combines customer information with customer service

Determining how much customers are willing to pay.

›Placing a product so customers can buy it

How will a customer come into possession/pay for an item?

The parts that make up marketing.

›Inform, persuade, or remind potential customers about your product/service

The idea that a business should strive to satisfy customers’ needs/wants while making a profit

Also known as channel management

Selling to the end user

Special features or ingredients increase

›Understanding concepts and strategies used to target specific strategies to a select audience

›Communication with the consumer

The group of potential customers that is identified as the most likely people to buy a product.

›Gathering information about customers, trends, and competing products

Determining which products you will make/sell

Includes all businesses that buy products for use in their operations

People who share similar needs/wants and have the ability to purchase a product are called a

Information about the target market: age, income, ethnicity, occupation, attitudes, location

Marketing activities can increase demand, which can...