Basic Terms
Making or producing the correct good or service to add value to consumers' everyday life
What is marketing?
Obtaining goods or services for use in the everyday operation of a business or for resale.
What is purchasing?
Making or producing things.
What is form utility?
Goods and services
What are products?
The determination of an exchange price at which the buyer and the seller perceive optimum value for a good or service.
What is pricing?
The products' usefulness is increased because of its' location.
What is place utility?
Material items you can touch
What are goods?
The process of creating a product in response to market opportunities.
What is product planning?
Making a product available at a convenient time of year or the right time of day.
What is time utility?
A series of tasks performed for a consumer.
What are services?
Communicates information about products, services, images, or ideas to customers or clients to influence their purchase behavior.
What is promotion?
The ability to aid customers in owning goods.
What is possession utility?
This takes places every time something is sold in the marketplace.
What is an exchange?
The physical movement or the transfer of ownership of a good or service from the producer to the consumer.
What is distribution?
Usefulness added to a product through communication.
What is information utility?