| A | B |
|---|
| Marketing | The process of planning, pricing, promoting, selling, and distributing products to satisfy customer's needs and wants. |
| Products | A specific model, brand, or size of a product within a product line. |
| Goods | Tangible items of monetary value that satisfy needs and wants. |
| Services | Intangible items of monetary value that satisfy needs and wants. |
| Exchanging | The transfer of two things in a trade-like way |
| Utility | An attribute of a product or service that makes it capable of satisfying customer's wants and needs. |
| Form Utility | Changing raw materials to make them more useful. |
| Place Utility | Having a product where customers can buy it. |
| Time Utility | Having a product available at a certain time of year or day. |
| Posession Utility | Exchange of a product for $ |
| Info Utility | involves communication with the customer |
| Customer | Buys the product. |
| Consumer | Uses the product |
| Markting mix | The 4 basic marketing strategies, called the 4 p's: Product, Place, Price, Promotion |
| Marketing Segmentation | Identifying a group most likely to be the consumers. |
| Geographics | Segmentation of the market based on where people live. |
| Demographics | Statistics that describe a population in terms of personal characteristics such as age, gender, income, material status, ethnicity, education and occupation. |
| Psychographics | Groups of people with similar lifestyles as well as shared attitudes, values and opinions |
| Marketing Concept | Businesses should satisfy customers needs and wants while making a profit. |
| Market | People who share similar needs and wants and are capable of buying products. |
| Target Marketing | A group of people identified as those most likely to become customers. |
| Customer profile | A list of info about a target market; age, income level, ethnicity. |
| Benefits | The upsides of a situation. |
| Occupational area | A category of jobs that involve similar interests and skills. |
