Basic Marketing Terms

The exchange of a product for money; how a customer can buy products

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

different ways of how information is given to customers about products

the idea that a business should strive to satisfy wants and needs and also make a profit

obtaining, developing,maintaining, & improving products in response to market opportunities

how much to charge for goods and services

involves having a product where customers can buy it.

gathering data, storing it, analyzing it.. in order to make good marketing decisions

consumers who purchase goods/services for their own personal use

the attributes of a product/service that make it capable of satisfying customers wants/needs.

Process of planning, pricing, promoting, selling & distributing goods/services that satisfy.

tangible items that have monetary value and satisfy needs and wants

businesses that buy products for use in their operations

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

process of deciding how to get goods into customer's hands

Product, Price, Promotion, Place

involves understanding concepts/strategies used to develop/target specific mkt strategies

thee group of people most likely to become customers

involves changing raw materials or putting parts together to make them more useful

providing customers with goods and services they want

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

% of total sales volume generated by all companies that compete in a given market

intangible items that have monetary value & satisfy needs and wants

combines customer information thru database & computer technology wit customer service

lists information about the target market (age, income, job, lifestytle, etc.)