Marketing Essentials Unit 1

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

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

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

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

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

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

Having a product WHERE customers can buy it

consumers who purchase goods and services for personal use

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

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

This can be felt/held/touched:

form, place, time, possession, and information

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

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

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

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

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

not able to be touched

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

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

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

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

the value added by communicating with the consumer

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

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

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

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