| A | B |
|---|
| marketing | the process of developing, promoting, and distributing products to satisfy customer needs and wants |
| market research | tools designed to discover buyers' needs |
| promoting products | making people aware of a product and demonstrating its value |
| distributing products | getting the product to the consumer |
| marketing mix | a combination of the four basic marketing strategies |
| utility | adding value to a product |
| place utility | selling products WHERE customers can easily purchase them |
| time utility | making products available to customers WHEN they need them |
| possession utility | the exchange of a product for money |
| information utility | communicating the desired message to customers |
| marketing plan | a written document that provides direction for the marketing activities of a company for a specific period of time |
| SWOT analysis | a study of the internal and external factors that affect a marketing plan |
| strengths | qualities that give a business a competitive advantage |
| weaknesses | qualities that create customer dissatisfaction |
| opportunities | features that could be rewarding to a business |
| threats | problems that could negatively impact a business |
| demographics | statistics that describe a population in terms of personal characteristics |
| economics | factors that determine whether people are willing to spend money on nonessential products |
| objectives | what needs to be accomplished by the marketing plan |
