Marketing Chapter 1

Marketers must first clearly define each target market before they can develop marketing strategies. 

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Marketing is the process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers.

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Goods are intangible items that have monetary value and satisfy your needs and wants. 

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Services are intangible items that have monetary value and satisfy your needs and wants.

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Seven Functions of Marketing

• marketing concept, distribution, selling, promotion, financing, distribution, and marketing
• marketing, goods, services, distribution, financing, pricing, and promotion
• distribution, financing, marketing information management, pricing, product/service management, promotion, and selling

Marketing concept is the pricing decision that obtains, develops, and improves a product.  

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Utilities are the attributes of a product or service that make it capable of satisfying consumers' wants and needs.  

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Place utility involves having a product available at a certain time of year or a convenient time of day.

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Time utility is having a product available at a certain time of the year or a convenient time of day.  

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Possession utility is the exchange of a product for money.  

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