Marketing Vocab


is the process of planning, pricing, promoting, selling and distrubuting ideas, goods or services.


are tangible items that have monetary value and satisfy your needs and wants


Intangible items that have monetary value and satisfy your needs and wants

Seven Marketing Core Functions

Channel Marketing, Market planning, Marketing Information management, Pricing/ Product Service Management, Promotion, Selling

Channel Management

distribution; the process of deciding how to get goods into a customer's hands.

Market Planning

understanding concepts & strategies to develop & target specific marketing strategies to specific people

Marketing Information Management

making informed decisions requires good research and development. company's conduct market research to learn more about their market


process of determining what a company will receive in exchange for its products

Product Management

developing maintaining and improving a product in response to market oppurtunities


providing customers with the goods & services they want


any form of communication used to inform, persuade, or remind potential customers about business products or services

Marketing Concept

A business approach that directs all marketing efforts towards satisfying customer's wants and needs.

Customer Relationship Management

the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.


are the attributes of a product or service that make it capable of satisfying costumers wants and needs

Form Utility

changing raw materials or putting parts together to make them more useful it deals with making or producing things

Place Utility

having the product in the place the customer wants it to be.

Time Utility

Having the product available at a certain time of the year or a convenient time of day.

Possesion Utility

the exchange of a product for some monetary value

Information Utility

the value added by communicating with the consumer. ex. displays, labels, owner's manuals etc


all potential customers who share common needs and wants and who have the ability and willingness to buy the product

Consumer Market

All the individual or households that want goods and services for personal consumption or 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

group of people that have similar wants and needs and can be expected to show interest in the same products

Customer Profile

businesses create a customer profile to develop a clear picture of their target market