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marketing
Term | Definition |
---|---|
marketing | the activity, set of institutions, and processes for creating, communicating, dilivering, and exchanging offferings that have value for customers, clients, partners, and society at large |
goods | tangieble items that have monetary value and sastisfy your needs and wants |
services | intangiable items that have monetary value and satisfy your needs and wants |
marketing concept | the idea that a business should strive to satisfy costumers needs and wants while generating a profit for business |
utility | an added value in economic terms; an attribute of goods or services that makes them capable of saisfying coustomers wants and needs |
market | all people who share similar wants and needs and who have the ability to purchase a given product |
consumer market | consumers who purchase goods and services for personal use |
organizational market | also known as buisness to business (b2b), this includes all business that buy products for use in thier operations |
market share | a company's percentage of the total sales volume generated by all companies that compete in a given market |
market segmentation | the process of classifying people who form a given market into even smaller groups |
target market | the group of people most likely to become customers, identified for a specific marketing program |
customer profile | information about the target market,such as age, gender, income level, marital status, ethnic background,geographic residence,attitudes,lifestyle,and behavior |
marketing mix | the four basic marketing stratigies called the four p's: product, place, price, and promotion |
demographic segmentation | market segmentation based on your target markets personal characteristics |
pshycographic segmentation | market segmentation based off you target markets lifestyle and persionality characteristics |
geographic segmentation | market segmentation based on where your target market lives |
behavioral segmentation | market segmentaion based on benifets your target market expects to recive or gain from products |