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Marketing Basics
| Term | Definition |
|---|---|
| Market | is a group of potential customers. |
| Target Market | A subgroup of a larger market that share one or more characteristics |
| Market Segmentation | is the process of dividing a larger market into smaller parts |
| Geographic Segmentation | markets divided by where the customer lives |
| Mass Marketing | is when the group is considered as a whole with all the marketing activities; using a single marketing plan |
| Customer | someone who buys |
| Goals | are objectives set to achieve a specified purpose that should have measurability and a deadline established |
| Place | include where the customer can obtain the product |
| Behavioral Segmentation | segmenting a market base on the way customers use a product or behave toward a product |
| Tactics | are specific actions for carrying out strategies and the goal. |
| Consumer | someone who uses |
| Product | tangible item; can be durable or nondurable |
| Pricing | 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 |
| Marketing Mix | includes four basic strategies called the 4 P's |
| Demographic Segmentation | Statistics that describe a population by personal characteristics such age, gender, income, marital status, ethnicity, education, & occupation |
| Product/Service Management | 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 | are plans of action used to achieve the goals |
| Market Segment | are identified segments of the market that a business wants to have as their customers |
| Psychographic Segmentation | markets divided by social and psychological characteristics |
| Selling | function that involves deciding what product to make or sell |
| Marketing Concept | focusing all efforts on satisfying customer needs and wants |
| Service | Function the involves one-on-one contact with the customer |
| Marketing | The process of developing, promoting, pricing, selling, and distributing products to satisfy customers wants and needs |
| Financing | Function that involves obtaining the money to operate a business |
| Good | Product that involves a business doing something for the customer |
Created by:
bmarkham97
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