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15 terms

Principles of Marketing

STUDY
PLAY
consumers
inviduals who purchase products to satisfy their needs and wants
demographics
common charateristics of a group, such as age range, marital status and gender
economic utility
the amount of satisfaction a person gets from using a particular good of service
ethics
a system of deciding what is right or wrong in a reasoned and impartial manner
marketing
the creation and maintenance of satisfying exchange relationships
market
the customers a business wants to serve and the location of those customers
distibution
the location and transportation used to make the product available for the customers
price
the actual amount customers pay and the methods of increasing the value of the product of the customer
marketing mix
combining the four marketing elements
form utility
taking wood and making wooden chairs to sell
place utility
finding the best location for and event or product to sell
time utility
putting items or events on the market at the right time
possession utility
making it easier for the customer to purchase the good or service such as paying online
supply
the amount of a product that producers are willing and able to provide at a specific price
demand
the quanity of a product consumers are willing and able to purchase at a specific price