Ch 1 - Marketing Essentials

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Items that are not able to be touched

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

Consumers who purchase goods and services for personal use

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

Items which can be touched

The value added by communicating with the consumer

Form, place, time, possession, and information

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

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

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

Having a product where customers can buy it

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

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

A group of consumers identified for a specific marketing program