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Marketing Basics
Chapter 1
| Term | Definition |
|---|---|
| Marketing | The process of developing, promoting, pricing, selling, and distributing products to satisfy customer's wants and needs |
| Marketing Cocept | All business activities should be aimed toward satisfying consumer wants and needs while achieving company goals |
| Good | Tangible items |
| Service | Things that are provided to you, EX: Geico |
| Consumer | The person who uses the product |
| Customer | The person who buys the product |
| Goal | An objective you plan to fulfill |
| Strategy | A plan of action for achieving your goals and objectives |
| Tactic | Specific actions used to carry out strategies |
| Customer Orientation | Do it their was: Offer products that consumers want to buy Customer service professionals handle complaints |
| Market | A group of potential customers |
| Market Segment | A subgroup of a larger market that share one or more characteristics |
| Geographic | Markets divided by where the customer lives |
| Mass Marketing | When the group is considered as a whole with all the marketing activities; using a single marketing plan |
| Place | Include where the customer can obtain the product |
| Behavioral | Segmenting a market base on the way customers use a product or behave toward a product |
| Price | Function that considers a value that is affordable for customers and profitable for the business |
| Marketing Information Management | Function that researches what the consumer wants |
| Demographic Segmentation | Statistics that describe a population by personal characteristics such as age, gender, income, marital status, ethnicity, education, and occupation |
| Product | Include what to make or obtain as the business's product mix |
| Pricing | 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 | Are identified segments of the market that a business wants to have as their customers. |
| Psychographic Segmentation | Markets divided by social and psychological characteristics |
| Product/Service Management | Function that involves deciding 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 a business |
| Market Segmentation | The process of dividing a larger market into smaller parts |
Created by:
graceegriffin
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