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Marketing1.02 Vocab

group of potential customers Market
when the group is considered as a whole with all the marketing activities; using a single marketing plan Mass Market
a subgroup of a larger market that share one or more characteristics Market Segment
the process of dividing a larger market into smaller parts Market Segmentation
statistics that describe a population by personal characteristics such as age, gender, income, marital status, ethnicity, education, & occupation Demographic Segmentation
markets divided by where the customer lives Geographic Segmentation
markets divided by social and psychological characteristics. (Lifestyles, morals, values, & interests) Psychographic Segmentation
segmenting a market base on the way customers use a product or behave toward a product. (product benefits) Behavioral Segmentation
includes four basic strategies called the 4 P’s or elements of marketing. For each strategy, decisions have to be made for each product the business offers to best reach their target market Marketing Mix
include what to make or obtain as the business’s product mix. Level of quality, features, branding, packaging, service, and warranty are items to decide and develop for each product Product Decisions
include where the customer can obtain the products Place Decisions
include determining what a customer is willing to pay, what competition is charging, determining seasonal discounts and allowances, and credit terms Price Decisions
include the promotional mix (advertising, sales promotion, selling, and publicity) Promotion Decisions
objectives set to achieve a specified purpose that should have measurability and a deadline established Goals
plans of action used to achieve the goals Strategies
specific actions for carrying out strategies and ultimately the goal Tactics
when a product/service goes from the manufacturer directly to the consumer Direct Distribution
when a product/service goes through an intermediary Indirect Distribution
wholesalers, agents, or retailers (middlemen) Intermediary
buy products from the manufacturer taking ownership and then reselling to other wholesalers or retailers Wholesalers
do not take ownership but instead represent a business and assist in the sales transaction Agents
buy their products from manufacturers or wholesalers and sell directly to the consumer Retailers
narrowing the market down into a specific group Niche Marketing
Created by: melinda.fornes