Marketing1.02 Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| group of potential customers | Market
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| when the group is considered as a whole with all the marketing activities; using a single marketing plan | Mass Market
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| a subgroup of a larger market that share one or more characteristics | Market Segment
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| the process of dividing a larger market into smaller parts | Market Segmentation
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| statistics that describe a population by personal characteristics such as age, gender, income, marital status, ethnicity, education, & occupation | Demographic Segmentation
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| markets divided by where the customer lives | Geographic Segmentation
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| markets divided by social and psychological characteristics. (Lifestyles, morals, values, & interests) | Psychographic Segmentation
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| segmenting a market base on the way customers use a product or behave toward a product. (product benefits) | Behavioral Segmentation
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| includes four basic strategies called the 4 P’s or elements of marketing. For each strategy, decisions have to be made for each product the business offers to best reach their target market | Marketing Mix
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| include what to make or obtain as the business’s product mix. Level of quality, features, branding, packaging, service, and warranty are items to decide and develop for each product | Product Decisions
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| include where the customer can obtain the products | Place Decisions
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| include determining what a customer is willing to pay, what competition is charging, determining seasonal discounts and allowances, and credit terms | Price Decisions
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| include the promotional mix (advertising, sales promotion, selling, and publicity) | Promotion Decisions
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| objectives set to achieve a specified purpose that should have measurability and a deadline established | Goals
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| plans of action used to achieve the goals | Strategies
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| specific actions for carrying out strategies and ultimately the goal | Tactics
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| when a product/service goes from the manufacturer directly to the consumer | Direct Distribution
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| when a product/service goes through an intermediary | Indirect Distribution
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| wholesalers, agents, or retailers (middlemen) | Intermediary
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| buy products from the manufacturer taking ownership and then reselling to other wholesalers or retailers | Wholesalers
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| do not take ownership but instead represent a business and assist in the sales transaction | Agents
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| buy their products from manufacturers or wholesalers and sell directly to the consumer | Retailers
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| narrowing the market down into a specific group | Niche Marketing
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Created by:
melinda.fornes
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