Marketing Chapter 1 Review

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Last updated 5:02 PM on 9/27/26
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35 Terms

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Marketing
The process of developing, promoting, distributing, and selling products to satisfy customers' wants and needs.
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Goods
Tangible product items that you can physically touch.
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Products
Anything a customer pays for.
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Services
Things or experiences done for you.
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Market
People who share similar wants and needs and have the ability to buy products.
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Market Share
A company's percentage of the total sales volume generated by all companies in a market.
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Market Planning
Planning how a company will use its money and resources to operate and reach its goals.
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Market Information Management
Researching and collecting information about the market and customers.
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Product/Service Management
Designing, improving, and managing products or services to meet customer needs.
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Distribution Channel Management
Deciding where, how, and who will get a product from the business to the customer.
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Pricing
Deciding how much to charge for a product or service.
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Promotion
Telling people about a product or service to encourage them to buy it.
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Selling
Providing customers with a product or service in exchange for money.
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Form Utility
Changing a product's parts or materials to make it more useful to customers.
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Place Utility
Making products available where customers can buy them.
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Time Utility
Making a product available when customers want or need it.
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Possession Utility
Making it easier for customers to own or purchase a product, including accepting different forms of payment.
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Information Utility
Providing customers with information about a product or service.
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Product
What product or service a business will develop, improve, or sell.
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Price
How much a product or service will cost.
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Place
Where and how customers can buy the product.
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Promotion
How a product or service is advertised and communicated to customers.
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Target Market Customer Profile
Age, ethnicity, attitudes, income, occupation, and lifestyles.
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Target Marketing
Helps marketers create advertisements and products that appeal directly to the customers they want to reach.
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Customers vs. Consumers
Customers are the people who buy a product, while consumers are the people who use the product.
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Marketing Concept
The idea that a business should satisfy customer needs and wants while generating a profit.
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7 Functions of Marketing
Market planning, market information management, product/service management, distribution channel management, pricing, promotion, and selling.
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5 Utilities
Form, place, time, possession, and information.
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4 Components of the Marketing Mix
Product, price, place, and promotion.
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