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The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value to costumers, clients, partners, and society at large
Marketing
Involves understanding the concepts and strategies used to develop and target specific marketing strategies to select an audience
Market Planning
The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the business
Marketing Concept
The exchange of a product for money
Possession Utility
The percent of total sales volume generated by all companies that compete in a general market
Market Share
Tangible items that have monetary value and satisfy your needs and wants, such as cars, furniture, televisions, and clothing
Goods
How much to charge for goods and services in order to make a profit
Pricing
Added value to economic terms
Utility
Involves communication with the costumer
Information Utility
The group that is noticed for a specific marketing program
Target Market
Intangible items that have monetary value and satisfy your needs and wants
Services
Obtaining, developing, maintaining, and improving a product, or product mix in response to market opportunities
Product/Service Management
Involves changing raw materials into usable goods or putting parts together to make them more useful
Form Utility
All people who share similar needs and wants and who has the ability to purchase a given product
Market
Lists information about the target market, such as age, gender, income level, etc.
Costumer Profile
Also known as "Distribution" is the process of deciding how to get goods into the costumers hands
Channel Management
The effort to inform, persuade, or remind current and potential customers about a business' products or services
Promotion
Having a product where customers can buy it
Place Utility
Consumers who purchase goods and services for personal use
Consumer Market
The four P's (Product, place, promotion, price)
Marketing Mix
Good business and decisions rely on good information about costumers, trends, and competing products
Marketing Information Management
Provides costumers with the goods and services they want
Selling
Having a product or service available at a certain time of year or convenient time of day
Time Utility
Business to business (B2B) market includes all business that buy products for use of their operation
Organizational Market