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Marketing Ch 1&2

TermDefinition
Products Goods and services
Goods Tangible products
Services Intangible products; usually a series of tasks performed for a customer
Exchange 1. Merchandise brought back to be replaced by other merchandise 2. Sale of something in the marketplace
Utility Added economic value
Form utility Value added by changing raw materials or putting parts together to make them more useful
Place utility Value added by having a product where customers can buy it
Time utility Value added by having a product available at a certain time of year or a convenient time of day
Possession utility Value added by exchanging a product for some monetary value
Information utility Value added by communicating with the consumer
Customers Those who buy a product
Consumers Those who actually use a product
Value Personal satisfaction gained from use of a good or service
Marketing mix Combination of marketing decisions involving product, price, place, and promotion; also called the four P's
Positioning Getting consumers to think of a product in a certain way
Mass-marketing Using a single marketing plan to reach all the consumers
Market segmentation Dividing the total market into smaller groups of people who share specific needs and characteristics
Geographics Segmentation of a market based on where people live
Demographics Statistics that describe a population in terms of personal characteristics like age, gender, income, ethnic background, education, and occupation
Psychographics Study of consumers based on their lifestyle, and the attitudes and values that shape it
Customer Profile Picture of a prospective customer based on geographic, demographic, and psychographic data
Created by: Stephen.P
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