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Communication

Communication in Marketing

TermDefinition
Marketing The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large" American Marketing Association.
Marketing Mix The marketing mix is comprised of four marketing activities; product, price, promotion and place, also known as the 4P's. A business tries to integrate these activities to satisfy the needs of consumers.
Functions of Marketing The marketing functions define all the aspects of the practice of marketing. If you were to get a job in marketing, you would be doing one or a variety of the following tasks.
Situation Analysis Refers to a collection of methods that managers use to analyze an organization's internal and external environment to understand the organization's capabilities, customers, and business environment.
Marketing Concept The philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition.
Customer A person or organization that buys goods or services from a store or business.
Target Market Now that you have segmented the market, a specific group can be selected for a specific marketing campaign or plan.
Market Segmentation Segmentation categories are criteria used to classify buyers. The main types of buyer characteristics used to segment consumer markets are behavioral, demographic, geographic, and psychographic.
Demographic Is market segmentation according to age, race, religion, gender, family size, ethnicity, income, and education
Geographic When a business divides its market on the basis of geography. You can geographically segment a market by area, such as cities, counties, regions, countries, and international regions.
Psychographic Involves dividing your market into segments based upon different personality traits, values, attitudes, interests, and lifestyles of consumers.
Created by: arodriguez8773
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