Chapter 1 Vocab Flashcards
The process of developing, promoting and distributing products
Marketing
Marketing
The process of developing, promoting and distributing products
Goods
Tangible items
Tangible item
Good
Service
Intangible
Marketing concept
The idea that a business should strive to satisfy customers need and wants.
The idea that a business should strive to satisfy customers need and wants.
Marketing concept
Utility
Added value to a product
Added value to a product
Utility
Consumer market
Consumers who purchase goods and services for personal use
Consumers who purchase goods and services for personal use
Consumer market
Organizational market/ industrial market
B2B. Market includes all businesses that buy products for use in their operations.
B2B. Market includes all businesses that buy products for use in their operations.
Organizational market/industrial market
Market share
Percentage of the total sales volume generated by all companies that compete in a given market
Percentage of the total sales volume generated by all companies that compete in a given market
Market share
Target market
To identify a group of people
To identify a group of people
Target market
Customer profile
Lists information about the target market
Lists information about the target market
Customer profile
Marketing mix
Product, price, place and promotion
Product, price, place and promotion
Marketing mix
Form utility
Changing raw materials into useable goods, adding more value
Changing raw materials into useable goods, adding more value
Form utility
Place utility
Having a product where customers can buy it
Having a product where customers can buy it
Place utility
Time utility
Having a product or service available at a certain time of year, being convenient
Having a product or service available at a certain time of year, being convenient
Time utility
Possession utility
Exchange of a product for money
Exchange of a product for money
Possession utility
Information utility
Involves communication with the consumer
Involves communication with the consumer
Information utility
Selling
Determining customer needs and wants and responding to those needs and wants through planned, personalized communication intended to influence purchase decisions and ensure satisfaction
Determining customer needs and wants and responding to those needs and wants through planned, personalized communication intended to influence purchase decisions and ensure satisfaction
Selling
Distribution
Delivery of products or services to customers
Delivery of products or services to customers
Distribution
Product/service management
Designing, developing, maintaining, improving and acquiring products or services for the purpose of meeting customers needs and wants
Designing, developing, maintaining, improving and acquiring products or services for the purpose of meeting customers needs and wants
Product/service management
Customer profile
A list of information about a target market
A list of information about a target market
Customer profile
Value
A customers subjective assessment of benefits relative to costs in determine the worth of a product
A customers subjective assessment of benefits relative to costs in determine the worth of a product
Value
Customer relationship management
To identify and understand customers so that a strong long term relationship can exist
To identify and understand customers so that a strong long term relationship can exist
Customer relationship management
7 functions of marketing
Selling, promotion, market planning, pricing, product/service management, market information management, and channel marketing/distribution
Promotion
Communicating with customers to achieve customer demand
Communicating with customers to achieve customer demand
Promotion
Pricing
Setting and communicating the value of products and services
Setting and communicating the value of products and services
Pricing
Marketing planning
Targets specific market
Targets specific market
Market planning
Market information management
Researching customer trends
Researching customer trends
Market information management
