Marketing Ch 1&2 Word Scramble
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| Term | Definition |
| 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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