Vocab
Products
Goods and Services
Purchasing
Obtaining goods and services for use in the operation of a business or for resale
Utility
The usefulnessof a product
What is inflation?
Inflation is the rate at which prices for goods and services rise.
Informational Utility
Usefulness added to the product through communication
Goods
Materials items you can touch
Pricing
The determination of an exchanged price
Form utility
Making or producing things
What causes Inflation?
Increases in production
Increase in money supply
Worker shortages
Supply shortages
Fossil fuel policies
Financing
Determining the need for and availabilty of financial resources to aid in marketing activities
Services
A series of tasks performed for a customer
Promotion
Communicates information about products, services, images or ideas to customers or clients to influence their purchase behavior.
Place Utility
The productś usefulness is increased by location
What is the main reason for inflation?
Too much money in the economy
Supply Chain Distruptions
Distrubution
The physical movement or the transfer of ownership of a good or service form the consumer
Marketing
Making or producing the the correct good or service to add value to consumers everyday life.
Product Planning
The process of creating a product in response to market opportunities
Time Utility
Making a product available at the right time of year or a convenient time of day
Government Sponsored Unemployment
Poor Government Policies
Added Value
Utility
Exchange
giving one thing to receive another
Marketing Information Management
Gathering, recording, analyzing and disseminating information to aid in making marketing decisions
Possession
The ability to aid customers in owning goods
What is done to fight Inflations?
Raising interest rate
Contracting money supply
Reward people for buying treasuries
Functions of Marketing
Purchasing
Pricing
Product Planning
Marketing Information Management
Promotion
Financing
Distrubution