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marketing concepts
Term | Definition |
---|---|
marketing | activity set of institutions and processes for creating, communication, delivering, and exchanging offerings that have value for customers |
marketing mix | mix of controllable marketing variables that the firm uses to pursue the desired levels of sales in the target market |
functions of marketing | functions: distribution, financing, marketing information, pricing, promotion and selling |
situation analysis | collection and study of past and present data to identify trends, forcess, and conditions |
marketing concept | idea that you must satisfy a customers needs and wants in order to make a profit |
customer | actual or prospective purchaser of products or services |
target market | particular segment of a total population on which a business focuses its expertise to satisfy that submarket in order to accomplish its profit objectives |
market sementation | process of subdividing a market into distinct subsets of customers |
demographic | study of total size, sex, teritorial distribution, age, composition, and other characteristics |
geographic | market segmentation based on where your target market lives |
psychographic | process of dividing markets into segments on the basis of consumer life styles, attitudes, behavior, and drives |