Marketing Principles Vocabulary

Services
Intangible Items of monetary value that satisfy needs and wants
Financing
Obtaining the money that is necessary to pay for setting up and running a business
Marketing Concept
Idea that a business should strive to satisfy customers’ needs and wants while generating a profit
Marketing
The process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ wants and needs
Market
People who share similar wants and needs and are capable of buying products
Marketing Information Management
Gathering, storing and analyzing information
Selling
Providing customers with the goods and services they want and need
Marketing Mix
The four basic marketing strategies, called the four p’s, product, price, place, and promotion
Promotion
To inform, persuade, or remind potential customers about a business’s products or services
Pricing
Deciding how much to charge for a product in order to make a profit
Target Market
A group of people identified as those most likely to become customers
Goods
Tangible items of monetary value that satisfy needs and wants
Product/Service Management
Obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities
Utility
Added value to a product or service that make it capable of satisfying consumers’ wants a needs
Distribution
The process of deciding how to get goods in customers’ hands