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Marketing Concepts

QuestionAnswer
Marketing the process for creating, communicating, delivering, and exchanging offerings that have value for customers
Marketing Mix the mix of controllable marketing variables that the firm uses to pursue the desired level of sales in the target market
Functions of Marketing Distribution, Financing, Marketing Information Management, Pricing, Product/Service Management, Promotion, and Selling
Situation Analysis the collection and study of past and present data to identify trends,/conditions with the potential to influence the business
Marketing Concept the idea that you must satisfy a customer's needs and wants in order to make a profit
Customer the actual or prospective purchaser of products or services
Target Market the segment of a total population on which a business satisfies a sub-market in order to accomplish its profit objectives
Market Segmentation Subdividing a marketing into subsets of customers that behave in the same way or have similar needs
Demographic the study of size, sex, age composition, etc. in order to analyze the changes made in a population
Geographic market segmentation based on where your target market lives
Psychographic market segmentation based on consumer life styles
Created by: itrevino5946
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