| A | B |
|---|
| retailers | businesses that sell directly to final consumers |
| wholesalers | businesses that buy products from businesses and sell them to other businesses |
| buying | obtaining a product to be resold: involves finding suppliers that can provide the right products in the right quality and quantity at a fair price |
| selling | providing personalised and persuasive information to customers to help them buy the products and services they need |
| transporting | moving products from where they were made to where consumers can buy them |
| storing | holding products until customers need them, such as on shelves in storage rooms or in warehouses |
| financing | providing money to pay for the various marketing activities, such as by obtaining credit when buying and extending credit when selling |
| researching | studying buyer interests and needs, testing products, and gathering facts needed to make good marketing decisions |
| risk taking | assuming the risk of losses that may occur from fire, theft, damage, or other circumstances |
| grading and valuing | grouping goods according to size, quality, or other characteristics, and determining an appropriate price for products and services |
| production oriented | decisions about what and how to produce to receive the most attention |
| sales oriented | they emphasise widespread distribution amd promotion to sell their products |
| customer oriented | they direct the activities of the company toward satisfying customers |
| marketing concept | needs of the consumer kept in mind during the design, production, and distribution of a product |
| market | refers to the types of buyers a business wishes to attract and where those buyers are located |
| market research | the study of a company's current and prospective customers |
| target markets | groups of customers with very similar needs to whom the company plans to sell the product |
| marketing mix | all decisions related to the four elements of marketing, product, price, distribution, and promotion |
| product | all attributes, both tangible and intangible, that customers receive in exchange for the purchase price |
| price | the amount of money given to acquire a product |
| place utility | where the product must be in a place where customers need or want it |
| distribution (or place) | the set of activities required to transport and store products and make them available to customers |
| promotion | means providing information to consumers that will assist them in making a decision and persuade them to purchase a product or service |
| marketing plan | a detailed written description of all marketing activities that a business must accomplish in order to sell its products |
| product life cycle | consists of of four stages of sales and profit performance through which all brands of a product progress |
| introduction stage | a brand-new product enters the market |
| growth stage | when several brands of the new product are available |
| maturity stage | the product is competing with many other brands with very similar features |
| decline stage | occurs when a new product is introduced that is much better or easier to use and customers begin to switch from the old product to the new |
| industrial goods | products designed for use by another business |
| consumer goods | products designed for personal or home use |
| convenience goods | inexpensive items consumers purchase regularly without a great deal of thought |
| shopping goods | products less frequently bought than convenience goods, that are higher priced, and require thought before buying |
| specialty goods | products that customers insist on having and are willing to search for until they find them |
| unsought goods | products customers don't shop for because they don't have a strong need for them |
