chapter 1 marketing terms
Marketplace
A marketplace is the commercial environment where exchanges are made between buyers and sellers.
Product
Something that is made or grown to be sold or used to satisfy a need or want of a marketplace.
product/service
a product can be tangible a service provide and its the item being sold to the cusomer
Final good
are the goods and services sold to consumers
Intermediate goods
are things that are produced & then used in the production of other goods & services
Segmenting
divideds the overall consumer base into groups
direct channel of distribution
is one in which the product path leads directly from the manfuacter to the consumer
producer channel of distribution
manufacter owns the retail store
promotion
marketing of a product/ service to make potential customers aware of it adversting public relations media,personal selling and other strategies
Needs
necessity for living give an example wants vs needs
Wants
not a necessity, a desire give an example do you really NEED it? Or just want it
traditional store based retailers
operate & conduct business from a fixed location
Customer
person who buys products
Consumer
person who uses products
Marketing
process of developing, promoting and distributing products to satisfy consumers needs and wants
indirect channel of distribution
product makes an additional stop;moving from manufacter to the wholesaler
catlog retailers
purchase products through the mail or other delivery services
internet retailers
sell their goods & services through the internet
target market
specific group of potential customs
Exchange
takes place every time something is sold in the marketplace
Goods
tangible items that are made, manufatued or grown that people want to buy and use
price
the amount of money a customer is willing to pay for a product
channel of distribution
the path a product takes from where it is made to the final consumer
manufacter
the person who makes the product
Services
things that people do for us that enhance our lives in some way. Intangible; we cannot hold a service in our hands.
Retail
to sell( something) to customers for their own use
place
where the product service is made, stored and transported to the customer
