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Marketing Concepts

TermDefinition
Marketing Marketing is the activity, set of instructions, and possesses for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. American Marketing Association
Marketing Mix A combination of factors that can be controlled by a company to influence consumers to purchase its product.
Functions of Marketing Seven basic Marketing functions: Distribution, Financing, Marketing, Information Management, Pricing, Product/Service Management, Promotion, and Selling.
Situation Analysis Analyzing the situation and finding the best way to solve the problem.
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 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 Segmentation a large market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.
Demographic characteristics of a population expressed statistically, such as age, sex, education level, income level, marital status, occupation, religion, birth rate, death rate, average size of a family, average age at marriage
Geographic market segmentation based on where your target market lives. Includes local, regional, national, and global markets
Physchographic a qualitative methodology used to describe consumers on psychological attributes. Psychographics have been applied to the study of personality, values, opinions, attitudes, interests, and lifestyles.
Created by: bsaylors3054
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