| A | B |
|---|
| marketing | the process of planning, pricing, promoting, selling, and distributing products to satisfy customer’s needs and wants |
| marketing mix | the four basic marketing strategies called the 4 P’s; a. Product, place, price, and promotion |
| market segmentation | process of analyzing and classifying customers in a given market to create smaller, more precise target markets. |
| products | can be classified as either goods (tangible) or services (intangible) |
| goods | tangible products (books, ipods, apples, etc.) |
| services | (haircut, car wash, dry cleaner, etc.) |
| consumer | people who purchase products |
| customer | people who actually use the product |
| needs | products that you must have such as food, shelter and clothing |
| wants | luxury items and entertainment products |
| ambush marketing | promotional technique where non-sponsoring business tries to associate with events to gain recognition. |
| marketing plan | formal written document communicating the goals, objectives, and strategies of a company |
| SWOT Analysis | an assessment of a company’s Strength Weaknesses Opportunities and Threats that surround it. |
| form utility | changing raw materials or putting parts together to make is more useful. Ex- A diamond into a diamond ring, or wood into a chair. |
| place utility | having a product where customers can easily buy it. |
| time utility | having a product available at a certain time of year. |
| possession utility | exchange of a product for money. |
| information utility | communication with the consumer to help them make their buying decisions |
