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Marketing Vocab U1
Marketing Vocabulary #1
Term | Definition |
---|---|
Marketing | the activity, set of instructions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society. |
Marketing Mix | mix of controllable marketing variables that the firm uses to pursue the desired level of sales in the target market The "Four P's" price, product, promotion, and place measured in terms of sales or profits or in terms of any other organizational goals |
Functions of Marketing | seven basic functions of marketing. Distribution, Financing, Marketing Information Management, Pricing, Product/Service management, Promotion, and Selling |
Situation Analysis | collection and study of past and present data to identify trends, forces, and conditions with the potential to influence the performance of the business and the choice of appropriate strategies |
Marketing Concept | the idea that you must satisfy a customer's need and wants to make profit |
Customer | actual or prospective purchaser of products or services |
Target Market | particular segment of a total population on which a business focuses its expertise to satisfy |
Market Segmentation | process of subdividing a market into distinct subsets of customers that behave in the same way or have similar needs |
Demographic | study of total size, sex, territorial distribution, age, composition, and other characteristics of human populations |
Geographic | market segmentation based on where the target market lives. Includes: local markets, regional markets, national markets, and global markets |
Psychographic | process of dividing markets into segments on the basis of consumer life styles, attitudes, behavior, and drives |