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WHS PoBF 5.01D
LAP EC 13
| Term | Definition |
|---|---|
| Benefit | An advantage consumers receive from using a product |
| Constant | Something that is permanent and unchanging |
| Consumers | People who use goods and services to satisfy their wants |
| Designer | An individual who envisions a new product (or feature) and carefully specifies his/her vision for a manufacturer to implement |
| Feature | A fact or characteristic of the product |
| Form utility | Usefulness created by altering or changing the form or shape of a good to make it more useful to the consumer |
| Goods | Tangible objects that can be manufactured or produced for resale |
| Information | Knowledge, facts, or data |
| Layaway | A type of sale in which merchandise is removed from the sales floor and held by the business until the customer pays the outstanding balance |
| Manufacturer | A type of producer that changes the shapes or forms of materials so that they will be useful to consumers |
| Marketing | The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives |
| Marketing concept | A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals |
| Marketing research | The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern |
| Need | Something required or essential that is lacking |
| Ownership | The state of possessing a good or service; having full control over a product’s use |
| Place utility | Usefulness created by making sure that goods or services are available at the place where they are needed or wanted by consumers |
| Possession utility | Usefulness created when ownership of a product is transferred from the seller to the user |
| Producers | The people who make or provide goods and services |
| Production | The process or activity of producing goods and services |
| Products | Goods and services |
| Retailer | A business that buys consumer goods or services and sells them to the ultimate consumer |
| Salesperson | An individual employed to advance and/or facilitate the exchange of a good or service |
| Services | Intangible activities that are performed by other people for money; productive acts that satisfy economic wants |
| Tangible | Capable of being touched, smelled, tasted, seen, or heard |
| Task utility | Usefulness created by altering or changing the characteristics of a service (or task) to make it more useful to the consumer |
| Time utility | Usefulness created when products are made available at the time needed to complete specific business activities |
| Utility | Usefulness; capable of satisfying wants and needs |
| Want | A desire for something that may or may not be required |
| Wholesaler | An intermediary who helps to move goods between producers and retailers by buying goods from producers and selling them to retailers |
Created by:
VNelsonWHS
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