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marketing all the activities needed to move goods and services from the producer to the consumer consumer sovereignty the role of the consumer as ruler of the market when determining the types of goods and services produced utility the amount of satisfaction one gets from a good or service market research gathering, recording, and analyzing data about the types of goods and services that people want market survey information gathered by researchers about possible users of a product based on such characteristics as age, gender, income, education, and location. test-marketing offering a product for sale in a small area for a limited period of time to see how well it sells before offering it nationally price leadership practice of selling prices close to those charged by other companies selling similiar products penetration pricing selling a new product at a low price to attract customers away from an established product promotion use of advertising to inform consumers that a new or improved product or service is available and to persuade them to purchase it direct-mail advertising type of promotion using a mailer that usually includes a letter describing the product or service and an order blank or application form product life cycle series of stages that a product goes through from first introduction to complete withdrawl from the market channels of distribution routes by which goods are moved from producers to consumers wholesalers business that buy large quantities of goods from producers for resale to other businesess retailers businesses that sell consumer goods directly to the public e-commerce business transactions conducted online, typically via the internet