| A | B |
|---|
| Marketing | The process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers. |
| Goods | Tangible items that have monetary value and satisfy your needs and wants. |
| Services | Intangible items that have monetary value and satisfy your needs and wants. |
| Marketing Concept | The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the firm. |
| Distribution | The process of deciding how to get goods in customers' hands. |
| B2B | Business who sell mainly to other business. |
| B2C | Retail businesses who sell to customers and consumers. |
| Pricing | Decisions on how much to charge for goods and services in order to make a profit. |
| Customer | Person who buys a product or service |
| Promotion | The effort to inform, persuade, or remind potential customers about a business's products or services. |
| Selling | Providing customers with the goods and services they want. |
| Customer Relationship Management | An aspect of marketing that combines customer information with customer service and marketing communications. |
| Utility | The adds value to a product. |
| Form Utility | Changing raw materials or putting parts together 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 a convenient time of day. |
| Possession Utility | The exchange of a product for money. |
| Information Utility | Providing information to consumers. |
| Market | All people who share similar needs and wants and who have the ability to purchase a given product. |
| Consumer | Person who uses a product or service |
| Market Share | Percentage of the total sales volume generated by all companies that compete in a given market. |
| Target Market | The group that is identified for a specific marketing program. |
| Customer Profile | Lists information about the target market, such as age, income level;, ethnic background, etc. |
| Marketing Mix | Four basic marketing strategies called the four Ps: product, place, price, and promotion |
| Product | Choosing what product to make and sale, Including design and packaging. |
| Place | The means of getting the product into the consumer's hands. |
| Price | Strategies include determining list price as well as discounts and promotional pricing. |
| Promotion | Strategies deal with communicating about the product. |
