Ch 1 - Marketing Essentials

Provides customers with the goods and services they want; includes retail and wholesale markets

Having a product where customers can buy it

The value added by communicating with the consumer

The 4 P's; product, place, promotion, price

Understanding the concepts & strategies used to develop & target specific marketing strategies

The effort to inform, persuade, or remind customers about a business's products or services

Consumers who purchase goods and services for personal use

intangible items that have monetary value and satisfy your needs and wants

Idea that a business should satisfy customers' needs & wants while making a profit for a firm

Distribution; the process of deciding how to get goods into a customer's hands

A group of consumers identified for a specific marketing program

Businesses that buy products to use in their operations; also called the b-to-b market

Providing customers w/ payment options such as cash, checks or credit cards (exchange of money)

Determining how much to charge for goods and services in order to make a profit

1. New and improved products 2. lower prices 3. added value and utility

Tangible items that have monetary value & satisfy your needs and wants

Marketing plays an important role in the economy because it provides means for __ to take place

All people who share similar needs & wants & who have the ability to purchase a given product

Changing raw materials or putting parts together to make them more useful

Aspect of marketing that combines customer info w/ customer service & marketing communications

Plan, price, promote, sell & distribute ideas, goods, or services that satisfy customers

Items which can be touched

Items that are not able to be touched

Attributes of a product or service that make it capable of satisfying consumers' wants & needs

Gathering and analyzing information about customers, trends, and competing products

Form, place, time, possession, and information

Obtaining, developing, maintaining & improving a product or product mix

Company's % of the total sales volume generated by all companies that compete in a market

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