Chapter 1 Vocabulary

5. Consists of consumers who purchase goods and services for personal use.
7. Tangible items that have monetary value and satisfy your needs and wants
10. Involves understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience.
12. Involves communication with the consumer
15. Includes four basic marketing strategies, called the four Ps: product, place, price, and promotion.
16. An aspect of marketing that combines customer information with customer service and marketing communications.
18. The means of getting the product into the customer’s hands is the place element of the marketing mix.
19. suggested retail price
20. There are many economic benefits of marketing to an economy and consumers.
21. The functions of marketing add value to a product.
22. The idea that a business should strive to satisfy customers’ needs and wants while generating a profit
24. There are 5 economic utilities involved with all products: form, place, time, possession, and information.
25. The economic benefits of marketing include new and improved products and lower products.
27. group identified for a specific market
28. the object a company advertises for profit.

1. Lists information about the target market, such as age, gender, income level, marital status, lifestyle, behavior.
2. The exchange of a product for money.
3. Marketing generates competition and this is the outcome.
4. Segmenting or breaking down, the market into smaller groups that have similar characteristics
6. Business to business market includes all businesses that buy products for use in their operations
8. Marketing activities increase demand and this helps to lower prices. When demand is high, manufacturers can produce products in larger quantities
9. Good business and marketing decisions rely on good information about customers, trends, and competing products.
11. Intangible Items that have monetary value and satisfy your needs and wants are services.
13. Percentage of the total sales volume generated by all companies that compete in a given market.
14. The activity set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for society at large.
15. All people who share similar needs and wants and who have the ability to purchase a given product are a market.
16. Distribution is the process of deciding how to get goods into customer’s hands.
17. affects the economy and standard of living
23. Refers to activities related to advertising, personal selling, sales promotion, and publicity
26. provides customers with goods and services they want