| 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 |
| SWOT Analysis | An assessment that lists and analyzes the company’s strengths & weaknesses and its opportunities & threats that surround it |
| Sales Forecasts | The projection of future sales |
| Marketing Plan | A formal, written document that directs a company’s activities for a specific period of time |
| Performance Standard | An expectation for performance that reflects a plan’s objectives |
| Target Market | A group of people most likely to become customers, identified for a specific marketing program |
| Market Segmentation | The process of classifying (dividing) people who form a given market into even small groups |
| Demographics | Statistics that describe a population in terms of personal characteristics, such as age, gender, income, & martial status |
| Geographics | Segmenting a market based on where people live |
| Pyschographics | Grouping people with similar attitudes, interests and opinions such as lifestyles & shared values |
| Disposable Income | The money left after taking out taxes |
| Discretionary Income | The money left after paying for basic living necessities (food, shelter & clothing) |
| Mass Marketing | Using a single marketing strategy to reach all customers |
