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