Basic Marketing
A type of good that does not wear out quickly; they last a long time.
Durable Goods
Of the 4 P's, this one refers to where a company's target customers can buy its product
Place
The act of directly communicating with customers, listening to their needs and wants, and persuading them on the merits of the product
Selling
One who actually uses the product or service, also called the final user
Consumer
The reasons people make certain purchases.
Buying Motives
Type of good that are quickly consumed; they only last a short period of time
Non-Durable
In the 4 P's, this refers to The amount of money a business thinks it should charge for its product.
Price
Creating strategies and establishing goals, objectives, processes and procedures in order to reach and attract the target customer
Market Planning
The decrease in the general level of prices in an economy.
Deflation
How a person would like to be seen.
Ideal Self
Businesses that are privately owned and run by people rather than the government
Private Enterprise
A specific procedure or action used to support strategy
Tactic
The individualized attention provided and available to customers throughout their lifespan as customers.
Customer Service
To categorize, sort, and transport goods to all their final destinations as efficiently, inexpensively, and carefully as possible.
Distribution
Type of product that usually cost more and are only purchased occasionally.
Shopping Products
Pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers
Marketing
A combination of components used together in order to strengthen a product’s brand
Marketing Mix
Identifying, evaluating, negotiating, and selecting the most favorable channels of distribution.
Channel Management
The study of the behavior, performance, structure, and decision-making of an economy as a whole.
Macroeconomics
Items that people don’t plan on wanting or needing.
Unsought Products
To analyze and identify the needs and wants of customers, build products, solutions and strategies to satisfy those needs and wants, better and more effectively than its competitors.
Marketing Concept
A measure of the sensitivity or responsiveness of demand or supply of a good or service based on changes in its price.
Elasticity
Creating new products and updating existing products, both based on research and feedback from existing customers, and getting rid of poor performing products.
Product/Service Management
The loss of potential gain from among other alternatives, when one alternative is chosen.
Opportunity Cost
Purchases that are made after a good amount of thinking, consideration, and logic.
Rational Buying Motives