Marketing: Promotion & Advertising CHAPTER 1

Product/ Service management
obtaining, developing, and improving a product
Pricing
deciding how much to charge for goods and services
Utilities
the added value of a product in economic terms
Selling
providing customers with goods and services they want
Marketing
planning, promoting, distribution products
Goods
tangible items
Market share
Percentage of total sales generated by competing companies
Distribution
Deciding on how goods get into customer’s hands
Industrial Market
businesses that buy products for use in their operation
(business to business)
Consumer Market
people who purchase goods and services for personal use
Marketing mix
product, price, place, promotion
Form Utility
putting parts together to make a product that consumers want
Place Utility
Offering a product where consumers can buy it
Time Utility
offering a product at a convenient time of day or year for consumers
Information Utility
the value given to a product by virtue of the fact that it can provide the user with information that is useful
Market Segmentation
the process of classifying customers needs and wants
Customer Profile
lists information about the target market, such as age, income level, occupation, and lifestyle
Explain how marketing helps to lower the prices of products:
-When there’s more competition you’re forced to lower your prices in order to stay in business
-When there’s an increase in demand, the company makes more product to supply the demand, eventually after producing so much product it becomes cheaper to produce
-Sales and promotion help sell more product.