click below
click below
Normal Size Small Size show me how
Marketing 1
marketing concept
Term | Definition |
---|---|
marketing | the process of developing, promoting, pricing, selling, and distributing products to satisfy customers wants and needs |
marketing concept | all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals. |
good | durable, tangeble |
service | provided by others to satisfy customer |
consumer | uses product |
customer | buys product |
goal | objective you plan to fulfill |
strategy | a plan of action for achieving your goals and objectives |
tactic | specific actions used to carry out strategies |
market segment | subgroup of a larger market that share one or more characteristics |
market segmentation | process of dividing a larger market into smaller parts |
geographic segmentation | markets divided by where the customer lives |
mass market | group is considered as a whole with all the marketing activities: single market plan |
placethe producton | include where the customer can obtain |
behavioral segmentation | segmentignt a market base the way customers use a product or behave toward a product |
pricing | function that considers a value that is affordable for customers and profitable for the business |
marketing mix | includes four basic strategies called the 4 P's |
demographic segmentation | statistics that describe a population by personal characterristics such as age, gender, income, marital status, ethnicity, education & occupation |
product | include what to make or obtain as the business's product mix |
price | include determining what a customer is willing to pay, what competition is charging, determining discounts and credit terms |
promotion | decisions include the promotional mix |
strategies | plans of action used to achieve the goals |
target market | identified segments of the market that a business wants to have as their customers |
psychographic segmentation | markets divided by social and psychological characteristicfs |
product/service mgt | functioinvolves deciding what product ot make or selln that |
selling | function that involves one-on-one contact |
financing | function that involves obtaining the money to operate a business |