Any system or place where parties are engaged in exchange of either goods or services
Goods or services in exchange of money
Tangible physical products transferred from seller to buy
Can be seen and touched
Sale of goods directly to consumer
Broken down in smaller quantities
For end use (no resale)
The creation and maintenance of satisfying exchange relationships
$500 Billion spent in advertising every year
50% of budget spent on marketing activities
Deciding on a purchase (consumer)
Cash or credit
Most visible aspect of business
Product and Service Management
Example 1: Apple used __________ by combining the technologies used in the iPod, iPhone, and MacBook to produce the iPad.
Example 2: Redbox redefined the movie rental business through an innovative
______ strategy. They locate their easy-to-use bright red kiosks on convenient neighborhood locations.
Example 3: The use of electronic scanners at the supermarket checkouts provide information about inventory levels and purchases so managers can make decisions about how much and when to reorder.
Involved in production of goods with help of machines, labor, and raw materials.
Purchases goods from manufactures and sells to retailers in lower numbers at a lower price
Sells the products in small quantities to satisfy needs and demands
Manufacturer Wholesaler Retailer Shopping