| A | B |
|---|
| Marketing | The process of planning, pricing, promoting, selling, & distributing ideas, goods & services to create exchanges that satisfy customers |
| Goods | Tangible items that have monetary value & satisfy your needs, wants Ex: cars |
| Services | Intangible items that have monetary value & satisfy your needs & wants Ex: car wash |
| Utility | Added value; an attribute of goods & services that makes them capable of satisfying consumers’ wants & needs |
| Form Utility | Involves changing raw materials into usable goods or putting parts together to make them more useful |
| Place Utility | Involves having a product where customers can buy it |
| Time Utility | Having a product or service available at a certain time of year or convenient time of day |
| Possession Utility | Exchange of a product for money |
| Information Utility | Information or communication about a product |
| Market | All people who share similar needs & wants & who share the ability to purchase a given market |
| Consumer vs Customer | Consumer USES the product. Customer PURCHASES the product. |
| Market Share | A company’s percentage of the total sales volume generated by all companies that compete in a given market |
