| Term | Definition |
|---|
| marketing | The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives |
| goods | tangible products that we use to satisfy our wants and needs |
| tangible | that which can be touched |
| services | intangible items that have monetary value and satisfy needs and wants |
| intangible | not able to be touched |
| marketplace | s any place buyers and sellers exchange goods, services, and some form of money. |
| channel management | distribution; how to get goods into consumer hands |
| market planning | understanding concepts & strategies to develop & target specific marketing strategies to specific people |
| market information management | obtaining, managing, and using market information |
| pricing | Setting and communicating the value of products and services. Setting the price at the right level. |
| product/service management | obtaining, developing, maintaining, & improving a product or product mix |
| promotion | is any form of communication used to inform, persuade, or remind |
| selling | providing customers with the goods & services they want |
| marketing concept | states that businesses must satisfy customers' needs and wants in order to make a profit |
| customer relationship management | Managing detailed information about individual customers. Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction |
| impact | affecting in a dramatic way |
| benefits | things that are for the good of someone or something |
| benefits of marketing | 1. New & Improved Products 2. Lower Prices 3. Added Value & Utility |
| utility | added value |
| form utility | changing raw materials or putting parts together to make them more useful |
| place utility | adding value to products by having them where people want them. |
| time utility | adding value to products by making them available when they're needed. |
| possession utility | doing whatever is necessary to transfer ownership from one party to another, including providing credit, delivery, installation, gurantees, and follow up service. |
| information utility | the value added by communicating with the consumer. ex. displays, labels, owner's manuals etc |
| market | A group of people or companies who have a demand for a product or service and are willing and able to buy it. |
| consumer market | all potential customers who will buy a product for personal use. |
| industrial market | businesses that buy products to use in their operations; also called the business-to-business market (this can be abbreviated as b-to-b or b2b). |
| market share | A company's product sales as a percentage of total sales for that industry |
| target market | a specific group of consumers that have similar wants and needs |
| customer profile | a complete picture of a venture's prospective customers. It includes geographic, demographic, and psychographic data |
| marketing mix | product, place, promotion, price |
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