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13 Cards in this Set
- Front
- Back
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Marketing
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process of developing, promoting, and distributing products to satisfy customers' needs and wants
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Products
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goods and services, both of which have monetary value and satisfy customers' needs and wants
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Goods
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things you can touch and hold
ex: cars, computers, soft drinks |
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Services
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you can't physically touch
ex: amusement parks, dry cleaners, income tax preparers |
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Exchange
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takes place every time something is sold
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Marketplace
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commercial environment where exchanges are made
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Utility
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attributes of a product or service that make it capable of satisfying consumers' wants and needs
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Form utility
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changing raw materials/ putting parts together to make them more useful
aka making/ producing things ex: lumber vs chair |
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Place utility
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having a product where customers can buy it
most convenient and efficient location to sell products ex: retailers vs catalog (either works) |
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Time utility
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having a product available at a certain time of year or convenient time of day
ex: swimsuit vs winter coat |
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Possession utility
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exchange of product for some monetary value
ex: cash vs credit cards & installment programs |
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Information utility
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communication with the consumer
ex: salespeople provide info to customers by explaining features & benefits vs. info on packaging |
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Benefits
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privileges/ monetary payments beyond salary or wages
ex: company car, expense account, and/or bonuses |
