Marketing Essentials Unit 1

consumers who purchase goods and services for personal use

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

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

not able to be touched

form, place, time, possession, and information

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

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

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

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

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

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

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

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

the value added by communicating with the consumer

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

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

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

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

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

that which can be touched

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

Having a product where customers can buy it

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

a group of consumers identified for a specific marketing program

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

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

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

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

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