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Unit 6 Vocab Stack

QuestionAnswer
A non-personal promotional message paid for by an identified sponsor utilizing media such as television, radio, magazines, newspapers, billboards, and direct mail. Advertising
Dividing markets by identifying common responses to products and product features. Behavioral segmentation
Dividing markets by characteristics people have in common. Demographic segmentation
Dividing markets by where customers are located. Geographic segmentation
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. Market
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
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 concept
The combination of the four strategies for product/service, price, place and promotion – the 4 Ps of marketing. Marketing Mix
The perceived standing of a business or a product in the minds of its customers as compared to the competition. Market position
The total amount of revenue that can potentially be generated in a specific industry or market. Market potential
Dividing the total market into smaller, well-defined groups with similar wants and needs and similar key characteristics. Market segmentation
The percentage of the total sales revenue captured by a firm within a market or industry. Market share
Communication between a salesperson and a customer (or customers) intended to influence the customer’s buying decision. Personal selling
Dividing markets by identifying common interests, attitudes, values, lifestyle, or personality traits among the individuals that constitute that market. Psychographic segmentation
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
All promotional activities other than advertising, personal selling, publicity, and public relations designed to stimulate sales and sales effectiveness. Sales promotion
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
Identifying market segments with the greatest potential for sales and focusing marketing decisions on satisfying the individuals that make up these segments. Target marketing
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: Dana Ariel
 

 



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