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Marketing Concepts
Term | Definition |
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Marketing | Process for creating, communicating, delivering, and exchanging offers that have value for customers, clients and society. |
Marketing Mix | Marketing variables that the firm uses to pursue the desired level of sales. This is classified with the "4 P's" which are price, product, promotion, and place. |
Functions of Marketing | The 7 basic functions are distribution, financing, marketing information management, pricing, product/service management, promotion, and selling. |
Situation Analysis | Collection of past and present data to identify trends, forces, and conditions. includes an examination of both internal factors (strengths and weaknesses) and external factors (opportunities and threats). |
Marketing Concept | Idea to satisfy a customer's needs and wants in order to make a profit. |
Customer | Purchaser of a product or service. |
Target Market | Segment of a total population where a business focuses to satisfy a submarket to accomplish profit objectives. |
Marketing Segmentation | Process of dividing a market to distinct subsets of customers so they behave in the same way or have similar needs. Some of these variables include purchase behavior, usage, benefits sought, intentions, preference, or loyalty. |
Demographic | Study of total size, sex, territorial distribution, age, composition, and other characteristics in human populations. |
Geographic | Based on where the target market lives. Includes local, regional, national, and global markets. |
Psychographic | Divides markets based on consumer life styles, attitudes, behavior, and drives. They need self actualization, status, and belongingness. |