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business principles

QuestionAnswer
Marketing Concept business must satisfy needs and wants of their customer to compete
Customer person who buys the product
Pricing determines prices for products in order to maximize profit
Promotion applying promotional techniques to potential customers
Product/Service Management developing, improving and maintaining a product mix
Financing obtaining the money necessary for business operations
Selling providing consumers with the products and services they desire
Marketing Information Management managing market information to maximize business decisions
Distribution using channels to get products to consumers
Disaggregate reduce the marketing focus to product-market areas where companies are more likely to have a competitive advantage
Segmentation aggregating process which clusters people with similar needs into market segments
Market Segments similar group of consumers responding to the same marketing mix
Baby Boom Generation babies born between 1946-1964; aging population; are of interest to companies promoting products related to aging populations
Generation X babies born between 1965-1977; children of dual-careered parental homes and rising divorce rates; media savvy; big spenders in cosmetics, electronics, clothing and entertainment; reached through sharp images music and humor
Generation Y babies born between 1977-1997; children growing up in computer-dense environment; comfortable with computers; are attractive to marketers for building lasting consumer loyalty
Disposable Income money left after taxes are taken out of paychecks
Discretionary Income money left after basic living expenses have been paid
Trends changes in households, the economy, politics and workplace; changes in personal attitudes about health, time, fun and general living
Metropolitan Statistical Areas (MSAs) created by the government to help distribute federal aid; used by marketers to target consumers and launch promotional campaigns
Target Marketing
Created by: cv0287640
 

 



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