Marketing Basics
The process of creating value by meeting needs and wants
Marketing
Meeting customer needs while making profit.
Marketing concept
The 4 P's of marketing.
Product, Price, Place, and Promotion
Utility means this.
Usefulness or added value.
SWOT Analysis
A physical product you can touch.
Good
A specific group a business aims to serve.
Target Market
Communicating to influence buying decisions
Promotion
Turning raw materials into a finished product.
Form Utility
"S" and "W" in SWOT are _______ factors.
Internal Factors
An action one person performs for another.
Service
Customers who buy for personal use (abbrev.)
B2C
Getting products to customers
Providing information about a product.
Information Utility
A very tiny and specific part of a market.
Establishing a positive image of yourself online and in person.
Personal Branding
Customers who buy for business use (abbreviation)
B2B
The amount of money exchanged for a product.
Price
Making it easier to get a product through credit.
Possession Utility
Percentage of total market sales owned by a company.
Market share
This term refers to the total story a company tells about who they are through their product, messages, reputation, and customer experience.
Brand
This type of market includes all customers and organizations who might purchase a product, regardless of differences in needs, preferences, or income.
Mass Market
This specific element of the marketing mix includes decisions about packaging, branding, labeling, product variations, warranties, and quality levels.
Product Element
This type of utility is created when a business not only provides product information but also teaches customers how to use a product to get the most value from it.
Information Utility
This term refers to the maximum number of customers—or total sales—possible for a product within a market during a specific time period.
Market Potential