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Mktg Vocab 1

Chap 1

Marketing The process of developing, promoting and distributing products to satisfy customers' needs and wants.
Products Goods and services, both having monetary value and satisfy customers' needs and wants.
Goods Tangible items or products we use.
Services Things we cannot touch; services performed for us.
Exchange A trading of a product or service for money or items of equal value.
Utility Value added; the attributes that help a product satisfy needs.
Form utility The shape of an item that makes it useful
Place utility Involves having a product where consumers can buy it.
Time utility Having a product available at a certain time or day or year or season.
Possession utility Retailers help you take possession at the time of the purchase (exchange).
Information utility Communication with the customers re: the product -- sales people, package, instructions.
Created by: lynnrowe