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marketing

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 customer wants and needs while achieving company goals
Customer Orientation offer products that customers want to buy
Market a group of potential customers
Market Segmentation process of dividing a larger market into smaller groups
Geographic Segmentation markets divided by where the customer lives
Psychographic Segmentation segmenting a market based on social class
Marketing Mix includes 4 basic strategies called the 4 P's
Demographic Segmentation statistics that describe a population by personal characteristics
Target Market identified segments of the market that a business wants to have as their customers
Market Research the research done to determine facts about cusomers
Primary going and getting information yourself
Secondary Finding out information from other resources
Product Life Cycle a business analysis that attempts to identify a set of common stages in the life of commercial products
Introductory Stage when the product or service is brand new and only the most adventurous consumers are poised to purchase.
Declining Stage Fourth and last stage of a product's life cycle, characterized by fast declining sales revenue and fewer customers.
Maturity Stage Longest period in the life cycle of a firm, industry, or product, during which sales peak and start to decline.
Growth Stage Third state in a product's life cycle where sales revenue rises rapidly and the profits reach a peak
Product Development a broad field of endeavor dealing with the design, creation, and marketing of new products
List 3 ways of Extending the Product Life Cycle 1. Pricing Strategies 2. Promotion Changes 3. Update the Product Design 4. Add New Features to the Product
State 3 Functions of Packaging 1. Provide Information 2. Provide Protection 3. Brand Awareness
Created by: britt_elam06
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