Introduction to Marketing – Vocabulary

Marketing
The process of developing promoting and distributing products to satisfy customers wants/ needs
Form utility
putting materials together to make them useful
Place Utility
Having a product where customers can buy it
Time Utility
Having a product available (Time of year/season)
Possesion utility
the exchange of a product for money
Goods
products that are tangible
Products
Goods/services that are sold to make money and satisfy needs/wants
Services
Products that are not goods and are not tangible
Market
people who have the same wants/needs and have the ability to purchase a product
Market Share
the percentage of total sales in a given market
Target market
narrow defined group of people
Distribution
deciding where to sell the products how to get them to customers
market planning
understanding who the company wants to sell to
market info management
getting necessary information to make good marketing decisions
Pricing
how much to charge for goods/services
Product service managment
Developing/improving a product in response to market opportunites
Promotion
Communication with potential customers/persuade you
selling
providing customers with the products they want
Form Utility Example
Zipper/Thread- Jacket
Place Utility Example
Internet/Mall
Time Utility Example
Time of year/Season
Possession Utility Example
buying a 40$ Shirt
MM: Product
What product- develop update improve
MM: Place
Where to sell/distribute
MM: Price
How much customers are willing to pay
MM: Promotion
How are you going to promote/advertise
Marketing Mix ( Four Ps)
Product, place, price, promotion
Target Market characteristics
age, occupation, lifestyle, income level, attitudes, geographic residence, ethnic background