Marketing Defined
The term marketing encompasses many different activities, and it is necessary to discuss some of the terms used in the definition of marketing, and throughout the text. First, the term product refers to all of the goods and services that are bundled together and offered to consumers. For example, computers and automobiles are sold as tangible goods, but they include warranties and service contracts as part of the overall product. Therefore, the term product refers to both goods and services, but it is often thought of as a good or commodity. Nearly every product sold includes both tangible and intangible elements. Another term that is used to refer to the product as a bundle of goods and services, and eliminate the confusion, is the product-service mix. A service is defined as an intangible product that is sold or purchased in the marketplace. A meal purchased at a fast-food restaurant or an occupied room in a hotel is considered a part of the service segment. Why? Simply stated, after the meal is consumed and paid for or after the individual checks out of the hotel, the individual leaves the facility and does not have a tangible product in exchange for the money spent. This individual has consumed