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Marketing Terms

TermDefinition
Marketing The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, pertners, and society at large.
Goods Tangible items that have monetary value and satisfy one's needs and wants
Services Intangible items that have monetary value and satisfy your needs and wants
Marketing concept the idea that a business should strive to satisfy customer's needs and wants while generating a profit for the business.
Utility an added value in economic terms; an attrubute of goods or services that make them capable of satisfying consumers' wants and needs
Market All people who chare similar needs and wants and who have the ability to purchase a given product
Consumer Market Consumers who purchase goods and services for personal use.
Organizational market all businesses that buy products for use in their operations.
Market share a company's percentage of the total sales volume generated by all companies that compete in a given market
Market segmentation the process of classifying peopple who form a given market into even smaller groups.
Target Market the group of people most likely to become customers, identified for a specific marketing program.
Customer profile Infor about the target market, such as age, gender, income level, marital status, ethnic background, geographic residence, attitudes, lifestyle, and behavior.
Marketing mix The four basic marketing strategies called the four P's: product, place, price, and promotion.
Created by: TLuketheduke
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