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Marketing basics

Objective 1.01

TermDefinition
Marketing The process of developing, promoting, pricing, selling, and distributing products to satisfy customers wants and needs
Marketing Concept satisfying consumers wants and needs
Good A product that has tangible form, in contrast to services that are intangible.
Service Products, such as a bank loan or home security, that are intangible or at least substantially so
Consumer uses
Customer buys
Goal objective you plan to fulfill
Strategy A plan of action for achieving your goals and objectives
Tactic specific actions used to carry out stratagies
Customer Orientaion offer products that consumers want to buy
Market A group of potential customers.
Marketing Mix FOur basic strategies called the 4 P's
Market Segmentation The process of dividing a larger market into smaller parts
Financing Function that involves obtaining money to operate a business
Geographic Segmentation Markets divided by where the customer lives
Mass Market When the group is considered as a whole with all the marketing activities; using a single marketing plan.
Product Includes what to make or obtain as the business product mix
Promotion decisions include the promotional mix
Demographic segmentation statistics that describe a population by personal characetistics
Market Segment Subgroup of a larger market that shares one or more charateristics
Place Include where the customers can obtain the product
Selling Function that involves one on one contact with the customer
Pricing consider a value affordable for the customer
Psychographic Market divided by social and psychological characteristics
target market identify segments of the market that a business wants to have as their customer
price determing what a customer will pay
marketing info mgt function that researches what the customer wants
behavioral segmentation segments a market base on the way customers use a product or behave toward a product
Created by: princesstaayy
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