Marketing Vocabulary

2. four basic marketing strategies called the four P’s: product, place, price, promotion
4. when demand is high, manufacturers can produce products in larger amounts reducing the unit cost of each product
7. group that is identified for a specific marketing program
10. communication with the consumer
12. all the people who share similar needs and wants and who have the ability to purchase a given product
14. decisions about advertising, personal selling, sales promotion and public relations used to attract customers
17. consumers who purchase goods and services for personal use
18. lists information about the target market
19. aid and promote well-being
20. having a product where customers can buy it
21. percentage of the total sales volume generated by all companies that compete in a given market
22. the attributes of goods or services that make them capable of satisfying customers’ needs and wants
23. the exchange of a product for money
24. tangible items that have monetary value and satisfy your needs and wants
25. business-to-business market that includes all businesses that buy products for use in their operations
26. choose what to make and sell; band name, packaging, service, warrant
27. the process of deciding how to get goods into customer’s hands
28. the value in money or its equivalent placed on a good or service

1. provides customers with the goods and services they want
2. understanding the concepts and strategies used to develop and target specific marketing
3. affects the economy and standard of living in countries around the world
5. aspect of marketing that combines customer information with customer service and marketing communications
6. the idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business
8. having a product or service available at a certain time of year or convenient time of day
9. intangible items that have monetary value and satisfy your wants and needs
11. segmenting, or breaking down the market into smaller groups that have similar characteristics.
13. consumers and customers
15. processes for creating, communicating, delivering, and exchanging offerings that have value
16. changing raw materials into usable goods or putting parts together to make them more useful
26. having the object in stores where people are actually going to buy it.