Unit 1-The World of Marketing

the amount the customer will pay for a product

gathering information on customers obtained through market research

communicating with potential customers to inform, persuade, and remind them about business products

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

provides customers with goods and services they want

having a product where customers can buy it

4 basic marketing mix strategies (4 p's)

locations and methods used to make the product available to the customer

satisfying customers' wants and needs while making a profit

a way of analyzing a market by specific characteristics in order to create a target market

attributes of a product or service that make it capable of satisfying customers' wants and needs

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

the process of deciding how to get goods into customers hands

developing and improving products in response to market opportunities

anything offered by the business to satisfy needs (goods and services)

understanding the concepts and strategies used to target specific marketing audiences

the basis for all marketing activities

deciding how much to charge for goods and services to increase profit

communication with the consumers through salespeople, displays, packaging, etc...

the exchange of a product for some monetary value

any form of communication a business or organization uses to inform, persuade, or remind consumers about its products

the group that is identified for a specific marketing program

the process of planning, pricing, promoting, selling, and distributing ideas (goods or services)