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Marketing Basics

Vocab

TermDefinition
Good something a person wants but not really needs.
Service something that helps out a person and meets their needs and wants.
Consumer uses
Customer buys
Goal is an objective you plan to fulfill
Strategy is a plan of action for achieving your goals and objectives.
Tactic specific actions used to carry out strategies.
Customer Orientation Do it their way; offer products that consumers want
Marketing the process of developing, promoting, pricing, selling, and distributing products to satisfy customer's wants and needs.
Marketing Concept satisfying the needs and wants of a customer while making profit.
Marketing Segment is the process of dividing a larger market into smaller parts.
Geographric Segmentation markets divided by where the customers lives.
Mass Market is when the group is considered as a whole with all the marketing activities; using a simple marketing plan.
Place include where the customer can obtain the product.
Product tangible item; can be durable or nondurable
Pricing 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
Marketing Mix includes four basic strategies called the 4P's
Psychographics Segmentation markets divied by social and pychological characteristics
Market include determining what a customer is willing to pay, what competition is charging, determining discounts and credit terms.
Strategies are plans of action used to achieve the goals(what to do)
Demographics Segmentation Statistics that describe a population by personal characteristics such as age, gender, income, marital status, ethnicity, education, & occupation.
Selling function the involves one-on-one contact with the customer.
Financing function that involves obtaining the money to operate a business.
Tactics are specific actions for carrying out strategies and the goal. (how to)
Service Product that involves a business doing something.
Target Market is a group of potential customers.
Behavorial Segmentation segmenting a market base on the way customers use a product or behave towards a product.
Created by: fbeveridge
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