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Marketing Concepts
| Question | Answer |
|---|---|
| Marketing | marketing is the activity , set of institutions, and processes for creating , communicating, delivering, and exchanging offerings that have value for customer, client, 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 | Businesses use situational and environmental analysis to collect and study data to identify trends, forces, and conditions with the potential to influence the performance of the business and the choice of appropriate strategies |
| Marketing Concept | The marketing concept is the idea that you must satisfy a customer's needs and wants in order to make a profit. The target market must be analyzed and studied to determine what their needs and wants are, and then marketing strategies are used to satisfy w |
| Customer | a person or organization that buys goods or services from a store or business |
| Target Market | a particular group of consumers at which a product or service is aimed. |
| Market Segmentation | Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share tr |
| Demographic | market segmentation according to age, race, religion, gender, family size, ethnicity, income, and education |
| Geographic | Geographic segmentation is 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 | the study and classification of people according to their attitudes, aspirations, and other psychological criteria |
Created by:
Isaias Serrato
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