| A | B |
|---|
| Marketing | the process of developing, promoting, & distributing products to satisfy customers' needs & wants |
| Products | include goods & services, which have monetary value & satisfy customers' needs & wants |
| Goods | kinds of things that you can touch or hold in your hand (tangible) |
| Services | kinds of things you can't physically touch (intangible) |
| Exchange | takes place every time something is sold in the marketplace |
| Marketplace | the commercial environmnet where exchanges are made |
| Distribution | deciding where & to whom products need to be sold inorder to reach the final users |
| Financing | getting the money that is necessary to pay for the operation of a business |
| Marketing Information Management | getting the necessary information to make sound business decisions |
| Pricing | determining how much customers are willing to pay |
| Product/Service Management | obtaining, developing, maintaining, & improving a product or product mix |
| Utility | usefulness to the consumer--value added |
| 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 convenient time of day |
| Possession utility | the exchange of a product for some monetary value |
| Information utility | involves communication with the consumer |
| Benefits | privileges or monetary payments (bonuses) beyond salary |
| Occupational area | category of jobs that involves similar skills & aptitudes |
| Promotion | communicating with potential customers to inform, persuade, or remind them about a business's products |
| Value | added by functions of marketing is called utility |
| Supervisor | must have the ability to make many decisions on a daily basis. Many people aspire to reach this level. Income and prestige are quite high. |
| Interpersonal Skills | able to interact effectively with others |
| Career Sustaining | jobs requiring a higher level of skills and more decieion making than entry-level jobs. Often the second step for someone considering a career in marketing. |
