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Marketing Basics

Chapter 1

TermDefinition
Marketing The process of developing, promoting, pricing, selling, and distributing products to satisfy customer's wants and needs
Marketing Cocept All business activities should be aimed toward satisfying consumer wants and needs while achieving company goals
Good Tangible items
Service Things that are provided to you, EX: Geico
Consumer The person who uses the product
Customer The person who buys the product
Goal An objective you plan to fulfill
Strategy A plan of action for achieving your goals and objectives
Tactic Specific actions used to carry out strategies
Customer Orientation Do it their was: Offer products that consumers want to buy Customer service professionals handle complaints
Market A group of potential customers
Market Segment A subgroup of a larger market that share one or more characteristics
Geographic Markets divided by where the customer lives
Mass Marketing When the group is considered as a whole with all the marketing activities; using a single marketing plan
Place Include where the customer can obtain the product
Behavioral Segmenting a market base on the way customers use a product or behave toward a product
Price Function that considers a value that is affordable for customers and profitable for the business
Marketing Information Management Function that researches what the consumer wants
Demographic Segmentation Statistics that describe a population by personal characteristics such as age, gender, income, marital status, ethnicity, education, and occupation
Product Include what to make or obtain as the business's product mix
Pricing Include determining what a customer is willing to pay, what competition is charging, determining discounts and credit terms.
Promotion Decisions include the promotional mix
Target Market Are identified segments of the market that a business wants to have as their customers.
Psychographic Segmentation Markets divided by social and psychological characteristics
Product/Service Management Function that involves deciding what product to make or sell
Selling Function that involves one-on-one contact with the customer
Financing Function that involves obtaining the money to operate a business
Market Segmentation The process of dividing a larger market into smaller parts
Created by: graceegriffin on 2014-02-06



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