Marketing Goods and Services

needs
things that are required in order to live
wants
things that add comfort and pleasure to your life
goods
things you can see and touch; they are products you can purchase to meet your wants and needs
services
activities that are consumed at the same time they are produced
economic resources
the means through which goods and services are produced
scarcity
not having enough resources to satisfy every need
economic decision making
the process of choosing which wants, among several options, will be satisfied
trade off
what you make when you give something up to have something else
opportunity cost
the value of the next-best alternative that you did not choose
consumer
a person who buys and uses goods and services
producers
Individuals and organizations that determine what products and services will be available for sale
demand
the quantity of a good or service that consumers are willing and able to buy
supply
the quantity of a good or service that businesses are willing and able to provide
selling
communicating directly with potential customers to determine and satisfy their needs
marketing
an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
financial analysis
budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business’ products and services
pricing
setting and communicating the value of products and services
promotion
any form of communication used to inform, persuade, or remind; communicating information about products and services to potential customers
product and service management
designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs