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Marketing1.02 Vocab
| Question | Answer |
|---|---|
| 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
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