a combination of four strategies used to market a product. (The four P's)

focusing company efforts on satisfying customer wants and needs, while generating a profit.

the group of all potential customers who share common needs and wants. and who have the ability and willingness to buy the product.

percentage of total sales generated by competing companies.

businesses that buy products for use in their operations.

consumers who purchase goods and services for personal use.

trying to get the customers to think of your product in a certain way.

~what product to make ~How to package the product ~What brand name to use

~must reflect what consumers are willing to buy ~Must reflect what cost the market will bear

Trying to get the customers to think of your product in a certain way and distinguish it from the competition

the function of marketing which determines how much to charge for goods and services.

Any form of communication used to inform, persuade, or remind customers about a business’s products or services. It is also used to improve a firm’s public image. (commercials, billboards, radio, BOGO, coupons, etc.)

the function of marketing that provides customers with the goods and services they want. (For example. Every time you check out at the register and pay a cashier you are participating in the selling function.)

product/service management

obtaining, developing, or improving a product. (Examples include: adding a new product line, modifying an existing product)

the marketing function of obtaining the money needed to start and operate a business.

marketing information management

the marketing function of obtaining information about the customer, competition or business environment. (Also known as marketing research. (focus groups, observations, and surveys)

deciding how goods get into the customers hands.(location within the store, determining which stores a product will be sold, method of transportation, and storage)

Statistics that describe a population in terms of personal characteristics (age, gender, race, ethnicity, marital status, income level, occupation, life cycle stage)

Segmentation method based on information about where people live (nationally, globally, locally, regionally)

Segmentation method based on lifestyles, beliefs, opinions, and attitudes (remember magazines are often segmented based on lifestyles and interests)

shopping patterns and decision-making process.

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Unit 1

Term	Definition
Marketing Mix	a combination of four strategies used to market a product. (The four P's)
Marketing Concept	focusing company efforts on satisfying customer wants and needs, while generating a profit.
Market	the group of all potential customers who share common needs and wants. and who have the ability and willingness to buy the product.
Market Share	percentage of total sales generated by competing companies.
Consumers	people who use the product.
Goods	tangible items.
Services	intangible items.
Industrial Market	businesses that buy products for use in their operations.
Consumer Market	consumers who purchase goods and services for personal use.
Positioning	trying to get the customers to think of your product in a certain way.
Product Strategies	~what product to make ~How to package the product ~What brand name to use
Price Strategies	~must reflect what consumers are willing to buy ~Must reflect what cost the market will bear
Customers	people who buy the product
positioning	Trying to get the customers to think of your product in a certain way and distinguish it from the competition
pricing	the function of marketing which determines how much to charge for goods and services.
promotion	Any form of communication used to inform, persuade, or remind customers about a business’s products or services. It is also used to improve a firm’s public image. (commercials, billboards, radio, BOGO, coupons, etc.)
selling	the function of marketing that provides customers with the goods and services they want. (For example. Every time you check out at the register and pay a cashier you are participating in the selling function.)
product/service management	obtaining, developing, or improving a product. (Examples include: adding a new product line, modifying an existing product)
financing	the marketing function of obtaining the money needed to start and operate a business.
marketing information management	the marketing function of obtaining information about the customer, competition or business environment. (Also known as marketing research. (focus groups, observations, and surveys)
distribution	deciding how goods get into the customers hands.(location within the store, determining which stores a product will be sold, method of transportation, and storage)
demographics	Statistics that describe a population in terms of personal characteristics (age, gender, race, ethnicity, marital status, income level, occupation, life cycle stage)
geographics	Segmentation method based on information about where people live (nationally, globally, locally, regionally)
psychographics	Segmentation method based on lifestyles, beliefs, opinions, and attitudes (remember magazines are often segmented based on lifestyles and interests)
buying behavior	shopping patterns and decision-making process.

Created by: mwaldri1

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