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mktch1
| Term | Definition |
|---|---|
| products | physical goods, services, digital items, or ideas—offered to a market to satisfy a need or want, including both tangible and intangible attributes. |
| goods | the marketing of tangible products—physical items that can be touched, stored, and owned—by identifying customer needs, positioning the product, and promoting it to drive demand and sales. |
| services | Services marketing is the branch of marketing focused on promoting and selling intangible offerings—activities, expertise, or experiences—rather than physical goods, emphasizing service quality, customer experience, and relationship-building |
| utilty | focuses on delivering functional value and usefulness to consumers, emphasizing how a product or service meets their needs and enhances their experience. |
| form utility | the value a product gains from being designed and built to meet specific customer needs, preferences, and expectations, making it more useful, appealing, and desirable |
| place utility | the value added to a product by making it available at the location where consumers can easily access it, enhancing convenience, satisfaction, and sales |
| time utility | providing products or services to consumers at the exact time they need them, enhancing convenience, satisfaction, and sales. |
| possession utility | the value a customer perceives from gaining full ownership of a product and being able to use it immediately and for any intended purpose |
| information utility | information utility is the value or usefulness consumers gain from receiving accurate, relevant, and timely information about a product or service, enabling them to make informed purchasing decisions |
| costumer | the practice of marketing to and with your existing customers — not just to sell more, but to build loyalty, increase retention, and turn satisfied customers into brand advocates |
| consumers | consumers are individuals or entities who purchase or use goods and services for personal use, making them the primary target of marketing efforts. |
| value | customer‑centric approach that focuses on understanding consumers’ needs and communicating how a product or service delivers meaningful benefits |
| marketing mix | strategic framework that outlines the controllable tools a business uses to promote its products or services, deliver value, and achieve its marketing objectives |
| positioning | the strategic process of defining how a brand, product, or service is perceived in the minds of target customers relative to competitors. |
| mass marketing | undifferentiated marketing strategy in which a business promotes a single product or message to the entire market, ignoring segment differences, to reach the largest possible audience at low cost. |
| market segmentation | the process of dividing a broad target market into smaller, distinct groups of consumers who share common characteristics, needs, or behaviors to enable more effective marketing strategies. |
| geographics | the practice of dividing a target audience based on their physical location to tailor products, services, and messages to specific regions |
| psychographics | the study of consumers’ psychological attributes—such as values, beliefs, interests, lifestyles, and personality traits—to understand why they make purchasing decisions. |
| customer profile | detailed, data-driven description of an ideal or typical customer, used to guide targeted marketing and personalized engagement. |
Created by:
gwhite2711408