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
services
intangible activities that are performed by other people for money; productive acts that satisfy economic wants.
marketing concept
states that businesses must satisfy customers' needs and wants in order to make a profit
utility
attributes of a product or service that make it capable of satisfying consumer's wants and needs
market
A group of buyers and sellers of a particular good or service
consumer market
all the individuals 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
a specific group of consumers that have similar wants and needs
customer profile
Information about the target market, such as age, gender, income level, marital status, ethnic background, geographic residence, attitudes, lifestyle, and behavior
marketing mix
Product, Price, Place, Promotion
channel management
Processes by which marketers ensure that products are distributed to customers efficiently and effectively. A marketing function that involves identifying, selecting, monitoring, and evaluating sales channels
market planning
involves designing activities relating to marketing objectives and changing market environment.
marketing information management
A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions.
pricing
A marketing function that involves the determining and adjusting of prices to maximize return and meet customers' perceptions of value.
product/service management
A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.
promotion
A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome. Marketing element referring to the various types of communications that marketers use to inform, persuade, or remind customers
selling
.A marketing function that provides customers with the goods and services they want
place utility
adding value to products by having them where people want them.
form utility
the value producers add to materials in the creation of finished goods and services
time utility
having a product available at a certain time of year or a convenient time of day
possession utility
utility created by transferring title (or ownership) of a product to a buyer
information utility
the value added by communicating with the consumer. ex. displays, labels, owner's manuals etc
consumer
A person who uses goods and services, such as children who eat a particular cereal product
customer
someone who pays for goods or services, such as parents who buy a particular cereal for their child
market segmentation
The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups