The function that dictates how much a good or service will be sold for.

Items that are consumed quickly.

The individualized attention provided and available to customers throughout their lifespan as customers.

A stated, observable, and measurable end result to be achieved within a certain timeframe.

A specific written document that outlines objectives, actions, and timelines of how to attract target market customers to the business.

How the word will be spread about a good or service

The marketing functions that make up the marketing mix

Creating strategies and establishing goals, objectives, processes, and procedures in order to reach and attract the target customer to a business.

A specific procedure or action used to support strategy, in order to achieve goals and objectives.

The physical item/good or service a company sells.

Creating new products and updating existing products, both based on research and feedback from existing customers and competitors customers, and getting rid of poor performing products.

The enterprise and pursuit of ideation, creation, communication, and delivery of profit-able products and services to targeted customers for their benefit and for the benefit of society as a whole.

Directly communicating with customers, listening to their needs and wants, giving them the information they need to make an informed buying decision, and persuading them on the merits of the product or service a business provides.

A measure of the sensitivity or responsiveness of demand or supply of a good or service based on changes in its price.

Statistics that companies keep on consumers, such as age, gender, race, and religion.

Identifying, evaluating, negotiating, and selecting the most favorable channels of distribution, in order to get products from the producer to the end-user.

To analyze and identify the needs and wants of customers, build products, solutions, and strategies to satisfy those needs and wants, better and more effectively than its competitors, and to achieve the goals of the organization itself.

Researching a business’s target market and customers, its competing products or services, and relevant trends within the industry.

Result of physical elements associated with a service.

A company’s game plan for reaching its target market, converting it to customers, and meeting company goals.

The other 4 functions of Marketing

One in which businesses are privately owned and run by people rather than the government.

A good or material bought and sold freely, and that is reasonably interchangeable among multiple suppliers, and whose price is usually highly correlated to perceived supply; more simply, it is an everyday type of product that is readily available, like green beans or milk at a grocery store.

More specific than a goal, a specific result to be achieved within a time frame and with available resources.

A combination of components used together in order to strengthen a product’s brand and to help sell the product or service; most commonly the components are the 4P's – Product, Price, Place, and Promotion.