Duplicate of Marketing Essentials Unit 1

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

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

the value added by communicating with the consumer

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

form, place, time, possession, and information

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

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

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

consumers who purchase goods and services for personal use

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

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

not able to be touched

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

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

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

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

Having a product where customers can buy it

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

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

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

a group of consumers identified for a specific marketing program

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

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

that which can be touched

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

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

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

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