| A | B |
|---|
| product | good, service or idea |
| good | tangible item that has monetary value and satisfys needs and wants |
| service | intangible items that have monetary value and satisfy needs and wants |
| marketing | process of planning, pricing, promoting, selling and distributing ideas, goods and services to create exchanges that satisfy customers |
| distribution | getting the product into the hands of the customer |
| utility | economic term that describes the value a product has to the customer |
| information utility | communicating information to the customer about the product |
| possession utility | the exchange of a product for money |
| place utility | having a product where customers can buy it |
| time utility | having a product during the right time of year or day |
| form utility | changing raw materials together to make something more useful |
| market | group of people with similar needs and wants |
| target market | a specific group of people that have the same needs and wants |
| consumer market | consumers who purchase goods and services for personal use |
| industrial market | business to business exchanges |
| market share | percentage of the total sales generated by companies that compete in a given market |
| consumer | person who uses the product |
| customer | person who purchases the product |
| marketing mix | interconnected elements; product, place, price, promotion and people |
