Marketing and the Marketing Concept
Tangible items that have monetary value and satisfy your needs and wants.
Goods
All people who share similar needs and want and who have the ability to purchase a given product are a market.
Market
Lists information about the target market, such as age, gender, income level, lifestyle, and behavior.
It involves the process of planning, pricing, promoting, selling, and distributing ideas, goods, or services.
Create
Involves changing raw materials into usable goods or putting part together to make them more useful.
Form utility
Intangible items that have monetary values and satisfy your needs and wants.
Services
Consists of consumers who purchase goods and services for personal use.
Consumer Market
The four P's: product, place, price, and promotion.
Marketing mix
What companies do so they can be successful at marketing and selling their products.
Conduct research
Involves determining the most coinvent and efficient locations to sell products.
Place utility
The process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing
All businesses that buy products for use in their operations.
Organizational Market
The percentage of total sales volume generated by all companies that compete in a given market.
Market segmentation
Marketing effects on the economy and standard living in countries around the world.
Impact
Having a product or service available at a certain time of year or a convenient time of day.
Time utility
The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the business.
Marketing concept
It's percentage of total sales volume generated by all companies that compete in a given market.
Market share
The total sales in a product category.
Market share
Economic advantages of marketing to an economy and to consumers.
Benefits
The exchange of a product for money
Possession utility
Added value in economic terms
Ulility
A group that is identified for a specific marketing program.
Target market
Companies using research so they can be successful at marketing and selling products.
Marketing information management
The four__ of the marketing mix based on target market.
Elements
Involves communication with the consumer.
Information utility