Chapter 1 Vocab Flashcards
(52 cards)
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