Marketing Vocab. pg 2-23

3. intangible items with monetary value and satisfy your wants & needs
5. involves communication with the consumer
7. a global force that affects the economy and standard of living in countries around the world
8. the positive impact of marketing on the economy
10. consists of consumers who purchase goods and services for personal use
11. involves changings raw materials into usable goods
13. the process of dividing an entire market up inti different customer segments
14. providing customers with the goods and services they want
15. understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience
18. information about the target market
21. Concept the idea that a business should strive to satisfy customers’ needs and wants while generating a profit
23. its percentage of the total sales volume generated by all companies that compete in a given market
25. obtaining developing, maintaining, and improving a product in response to market opportunities
27. all people who share similar needs and wants and who have the ability to purchase a given product
30. Decisions about advertising, personal selling, sales promotion, and public relations used to attract customers

1. how much to charge for a product to make a profit
2. includes all businesses that buy products for use in their operation
4. where the product or service is available
6. Gathering and analyzing information about customers, trends, and competing products
9. the amount of money that the product or service is being sold for
12. the group that is identified for a specific marketing program
16. involves having a product where customers can buy it
17. involves having a product or service available at a convenient time of year
19. the exchange of a product for money
20. the good that a business is selling
22. tangible items with monetary value and satisfy your wants & needs
24. A system that involves finding customers and keeping them satisfied
26. the process of deciding how to get goods into customers’ hands
28. An assessment that lists and analyses the company’s strengths and weaknesses. Strength, Weaknesses, Opportunities, and Threats
29. attributions of goods or services that make them capable of satisfying consumers’ wants and needs