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Marketing 1

marketing concept

TermDefinition
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
Created by: jalen430
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