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1.01 Marketing
Vocabulary
| Term | Definition |
|---|---|
| Marketing | The process of developing, promoting, pricing, selling, and distributing products to satisfy customers wants & needs |
| Marketing Concept | All buisness activities should be aimed towards satisfying consumers wants and needs while achieving company goals |
| Good | Tangible items |
| Service | Intagible, something done for you |
| Consumer | Someone who uses a product |
| Customer | Someone who buys a product |
| Goal | An objective you plan to fulfill |
| Strategy | A plan of action for achieving your goals and objectives |
| Tatics | Specific actions used to carry out strategies |
| Customer Orientation | Do it their way (the customer is always right) |
| Market | a group of potential customers |
| Market Segment | A subgroup of market into smaller parts |
| Geographic | 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 |
| Goals | Are objectives set to achieve a specified purpose that should have measurablity and a deadline established |
| Place | Include where the customer can obtain the product |
| Behavioral | Segmenting a market base on the way customers use a product or behave towards a product |
| Pricing | Function that considers a value that is affordable for customers and profitable for the business |
| Product Service Management | Include what to make or obtain as the businesses product mix |
| Marketing Mix | Includes four basic strategies called the four P's |
| Demographic | Statistics that describe a population by personal characteristics such as age, gender, income, occupation, ethnicity, marital status, ect. |
| Marketing Information Management | Function that researches what the customer wants |
| 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 |
| Target Market | Identified segments of the market that a business wants to have as their customers |
| Psychographics | Markets divided by social and psychological characteristics |
| Product | Function that involves what product to make or sell |
| Selling | Function that involves one-on-one contact with the customer |
| Financing | Function that involves obtaining the money to operate the business |
| Quantitative | Decisions based off of numbers and statistics |
| Qualitative | Decisions based off of thoughts and feelings |
| Balanced Questions | With every question there is an answer |
| Likert | Bipolar scaling method |
| Semantic Differential | Type of scale where the format has a seven point rating system consisting of opposite adjectives on each end of the scale |
| Facts | Something that actually exists |
| Estimates | An approximate judgement or calculation |
| Predictions | A forecast for the future |
| Sales Reports | A business report of sales records, activities ect. |
| Inventory Reports | What products have been sold, in storage, or in the store |
| Trade Journal | A periodical containing news and items of interest concerning a particular trade |
Created by:
E_McFadden
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