1. Chapter 1.2 & 1.3 Review

2. Economic Utility Assembling parts to build an engine is adding value through (Not directly related to marketing) Form utility

3. Economic Utility Credit cards and installment plans increase this utility by making products more attainable for some customers Possession Utility

4. Economic Utility A gas station located on a heavily traveled road is an example of Place Utility

5. Economic Utility A convenience store that is open 24 hours a day creates Time Utility

6. Economic Utility Cooking instructions on packaging add value to food products by providing Information Utility

7. Economic Benefits of Marketing This benefit creates a larger variety of goods and services New and Improved Products

8. Economic Benefits of Marketing Increased demand can lead to this benefit Lower Prices

9. Economic Benefits of Marketing This benefit increases the attributes of a product that make it more capable of satisfying consumers’ wants and needs Added Value and Utility

10. All the people who share similar needs and wants and who have the ability to purchase your products Market

11. The group to which a marketing program is designed; group most likely to purchase product Target Market

12. Consumers who purchase goods and services for personal use Consumer Market

13. Businesses that buy products for use in their operations Industrial Market

14. A company’s percentage of the total sales volume generated by all companies that compete in a given market Market Share

15. Breaking a market into smaller groups; classifying customers by needs and wants Marketing segmentation or Market Segmentation

16. Lists information about the target market, such as age, income level, ethnic background, occupation, attitudes, lifestyle and geographic residence Customer Profile

17. What are the 4 P’s of the Marketing Mix? Product, Price, Place, Promotion

18. The 4 P’s Choosing what products to make and sell Product

19. The 4 P’s What is exchanged for the product Price

20. The 4 P’s Decisions about advertising, personal selling, sales promotion and publicity Promotion

21. The 4 P’s Means of getting the product into the consumer’s hands Place

22. Review Planning, pricing, promoting, selling and distributing ideas, goods and services to create exchanges that satisfy customers Marketing

23. Review The idea that a business should strive to satisfy customers’ need and wants while generating a profit for the company Marketing Concept