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Unit 06 vocab

QuestionAnswer
Advertising A non-personal promotional message paid for by an identified sponsor utilizing media such as television, radio, magazines, newspapers, billboards, and direct mail.
Dividing markets by identifying common responses to products and product features. Behavioral segmentation:
Demographic segmentation: Dividing markets by characteristics people have in common.
Dividing markets by where customers are located. Geographic segmentation
Market The group of potential customers who have similar needs and wants, sufficient buying power, and the willingness to give up a portion of that buying power in order to buy a product or service.
Marketing: The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. (American Management Association definition)
Marketing concept The philosophy that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired products/services more effectively and efficiently than competitors do.
Marketing Mix The combination of the four strategies for product/service, price, place and promotion – the 4 Ps of marketing.
Market position The perceived standing of a business or a product in the minds of its customers as compared to the competition.
Market potential The total amount of revenue that can potentially be generated in a specific industry or market.
The total amount of revenue that can potentially be generated in a specific industry or market. Market potential
Market segmentation Dividing the total market into smaller, well-defined groups with similar wants and needs and similar key characteristics.
Market share The percentage of the total sales revenue captured by a firm within a market or industry
Personal selling Communication between a salesperson and a customer (or customers) intended to influence the customer’s buying decision.
Psychographic segmentation Dividing markets by identifying common interests, attitudes, values, lifestyle, or personality traits among the individuals that constitute that market.
Activities designed to create a favorable image for the business, its products, or its policies. Public relations
Information about a business or its products distributed through various media at no cost to the business and often not controlled by the business. Publicity
Sales promotion All promotional activities other than advertising, personal selling, publicity, and public relations designed to stimulate sales and sales effectiveness.
: The group or groups of potential customers who have been identified as those most likely to patronize the business and/or buy the product. Target market
Target marketing Identifying market segments with the greatest potential for sales and focusing marketing decisions on satisfying the individuals that make up these segments.
Assurance by the seller that the product is as it is represented to be or that it will be as it is promised to be. Warranty
Created by: D.Smith