| A | B |
|---|
| marketing | the process of planning, pricing, promoting, selling, and distributing products to satisfy customers' needs and wants. |
| goods | tangible items of monetary value that satisfy needs and wants |
| services | intangible items of monetary value that satisfy needs and wants |
| marketing concept | businesses should satisfy customers' needs and wants while making a profit |
| utility | an attribute of a product or service that makes it capable of satisfying consumers' wants and needs |
| market | people who share similar needs and wants and are capable of buying products |
| consumer market | consumer market - customer who purchase goods and services for personal use |
| industriai market or business-to-business (B-to-B or B2B) market | businesses that buy products to use in their operations |
| market share | a company's percentage of total sales volume generated by all competition in a given market |
| target market | a group of people identified as those most likely to become customers |
| customer profile | a list of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle, and geographic residence |
| marketing mix | the four basic marketing strategies, called the four P's: product, place, price, and promotion |
| distribution | the process of deciding how to get goods in customers hands |
| financing | getting the money that necessary to pay for setting up and running a business |
| marketing information management | gathering information about customers, trends, and competing products, storing it, and analyzing it |
| pricing | decisions dictating how much to charge for goods and services in order to make a profit |
| product/service management | obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities |
| promotion | the effort to inform, persuade, or remind potential customers about a business's product or services |
| selling | provide customers with the goods and services they want through determining client needs and wants and responding through planned, personalized communication |
| 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 | involves communication with the consumer |
