Marketing Chapter 1 Vocabulary

4. Research by businesses that include age, gender, income level, marital status, ethnic background, geographic residence, attitude, lifestyle, and behavior.
8. Product, place, price, and promotion. These methods are used to communicate with, and reach an intended market.
9. Added benefit to a product in economic terms.
14. Obtaining, developing, maintaining, and improving a product in response to market opportunities.
15. Having a product or service available at a certain time of year or time of day that is convenient.
17. Communication with the consumer that explains the features and benefits of products.
19. Changing raw materials into useable goods or putting parts together to make them more useful.
20. Includes all businesses that buy products for use in their operations.
22. Strengths, weaknesses, opportunities, and threats.
24. Gathering information about customers, storing it, and analyzing it.
26. To provide customers with the goods and services they want.
27. Consists of consumers who purchase goods and services for personal use.
28. The end result of a companies hard work and dedication that is used to fulfill a specific need or want a customer has.
29. Tangible items that satisfy a person's needs and wants.

1. The activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value to customers, clients, partners and society at large.
2. The idea that a business should strive to satisfy the needs and wants of a customer.
3. Marketing generates competition which leads to higher quality products and lower prices.
5. When businesses break down smaller groups that share similar characteristics.
6. Having a product in a convenient place that allows customers to purchase it.
7. The recognition of different groups or factions of people who have in common similar needs and the ability to purchase a product.
10. The exchange of a product for money.
11. Process of deciding how to get the product into the customer's hands.
12. An aspect of marketing that combines customer information with customer service and communication.
13. Understanding the concepts and strategies used to develop and target different groups.
16. Percentage of total sales value generated by all companies that compete in a given market.
18. Dictation of how much to charge for services in order to make a profit.
21. The effort to inform, persuade, or remind potential and current customers about a business's products and services.
23. Intangible items that satisfy a person's needs and wants.
24. When a product may have more than one market.
25. Groups that are identified for a specific marketing program.