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1.01 Marketing Basic

TermDefinition
market is a group of potential customers
market segment a subgroup of a larger market that share one or more characteristics
market segmentation the process of dividing a larger market into smaller groups
geographic markets divided by where the customer lives
mass market is when the group is considered as a whole with all the marketing activities; using a single market plan
customer someone who buys
goals objectives set to achieve a specified purpose that should have measurability and a deadline established
place include where customers can obtain the product
behavioral segmenting a market base on the way customers use a product or behave towards it
tactics specific actions for carrying out strategies and the goal. How to.
consumer someone who uses
good tangible item; can be durable or nondurable
pricing function that considers a value that is affordable for the customer and profitable for the business
market info mtg function that researches what the consumer wants
marketing mix four p's.
demographic statistics that describe a population by personal characteristic such age, gender, income, marital status, etc
product service mtg include what to make or obtain as the business's product mix
price determining what a customer is willing to pay, what competition is charging, discounts and credit terms
promotion decisions include the promotional mix
strategies plans of action used to achieve the goals (what you do)
target market are identified segments of the market that a business wants to have as their customer
psycographics markets divide by social and psychological characteristics
product function involves deciding what product to make or sell
marketing concept satisfying customers needs and wants
selling one on one contact w/ the customer
marketing process of developing, pricing, selling, promoting, and distributing products to satify customers needs and wants
financing obtaining the money to operate a business
service a business doing something for a customer
Created by: elena_grimaldi