Marketing Essentials Chapter 1

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

the purchaser of a good/service

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

A business should strive to satisfy customers' needs and wants while generating a profit

This includes concepts/activities to determine needs and wants in order to influence purchasing

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

This includes communicating with potential customers to inform, persuade, or remind them

What are intangible items that have monetary value and satisfy customers' wants/needs called?

the function that includes decisions about how much to charge for products to maximize profits

This takes place every time something is sold in the marketplace

The function that includes deciding how to get the product into the customer's hands

the utility that involves having a product where customers can buy it

What is the activity, ..., and processes for creating, communicating, delivering, etc. called?

the utility that involves communicating information to the customer

the function that includes obtaining, developing, maintaining, improving a product or a mix

added value in economic terms

the group identified as most likely to buy a product

the four basic marketing strategies: product, price, place and promotion

The utility that involves the exchange of a product for some monetary value.

information about target market such as age, gender, income level, marital status, etc.

the utility that involves changing raw material or putting parts together to make them useful

the final user of a good/service