Basic Marketing Terms

The group of people most likely to become customers.

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

Businesses that buy products for use in their operations.

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

Tangible items that have monetary value and satisfy needs and wants.

Providing customers with goods and services they want.

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

Obtaining, developing, maintaining, & improving products in response to market opportunities.

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

How much to charge for goods and services.

Process of deciding how to get goods into customer's hands.

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

Intangible items that have monetary value & satisfy needs and wants.

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

Consumers who purchase goods/services for their own personal use.

Combines customer information through database & computer technology with customer service.

Involves having a product where customers can buy it.

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

Effort to inform, persuade or remind customers about a business' products/services.

Product, Price, Promotion, Place, People

Involves understanding concepts/strategies used to develop/target specific market strategies.

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

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.

Different ways of how information is given to customers about products.