Marketing Essentials Chapter 1
the activity, set of institutions, and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at large. -
ANS-marketing
goods and services - ANS-products
tangible items that have monetary value and satisfy customers' wants/needs - ANS-goods
intangible items that have monetary value and satisfy customers' wants/needs; the kinds of
things you can't physically touch - ANS-services
this takes place every time something is sold in the marketplace - ANS-exchange
the function that includes deciding how to get the product into the customer's hands -
ANS-channel management
the function that includes getting the necessary information about customers, trends and
competing products - ANS-MIM
the function that includes decisions dictate how much to charge for products in order to
maximize profits - ANS-pricing
the function that includes obtaining, developing, maintaining, and improving a product or a
product mix - ANS-product/service management
the function that includes communicating with potential customers to inform, persuade, or
remind them about a business's products - ANS-promotion
the function that includes concepts and activities used to determine client needs and wants in
order to influence purchasing decisions - ANS-selling
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