| A | B |
|---|
| customer | someone who buys something |
| consumer | someone who uses something |
| Dynamic | constantly changing |
| Mktg is constantly changing | consumers needs are constantly changing |
| target mkt. | specific group a co. will focus on |
| marketing mix | product, price, place, promotion |
| Place | location of good for sale |
| Need | necessary for survival |
| Exchange | trade something of value for something you want |
| business | all activities involved in exchange of products |
| business owned by one person | sole proprietorship |
| Ability to satisfy human wants/needs | utility |
| Place utility = convenience | ATM |
| Form utility | steel, cloth, rubber, glass = car |
| To make profit focus on customer | marketing concept |
| Marketing function focuses on new product | Product/Service Mgmt. |
| Legal entity owned by stockholders | corporation |
| business to business mktg. | Lumber co. sells timber to sawmill |
| entity whose focus in on charity | non-profit organization |
| nonprofit org. who purchases a lot of goods but sells nothing | institution |
