1.01 Marketing Basic
Help!
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| market | is a group of potential customers
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| market segment | a subgroup of a larger market that share one or more characteristics
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| market segmentation | the process of dividing a larger market into smaller groups
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| geographic | markets divided by where the customer lives
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| mass market | is when the group is considered as a whole with all the marketing activities; using a single market plan
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| customer | someone who buys
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| goals | objectives set to achieve a specified purpose that should have measurability and a deadline established
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| place | include where customers can obtain the product
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| behavioral | segmenting a market base on the way customers use a product or behave towards it
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| tactics | specific actions for carrying out strategies and the goal. How to.
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| consumer | someone who uses
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| good | tangible item; can be durable or nondurable
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| pricing | function that considers a value that is affordable for the customer and profitable for the business
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| market info mtg | function that researches what the consumer wants
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| marketing mix | four p's.
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| demographic | statistics that describe a population by personal characteristic such age, gender, income, marital status, etc
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| product service mtg | include what to make or obtain as the business's product mix
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| price | determining what a customer is willing to pay, what competition is charging, discounts and credit terms
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| promotion | decisions include the promotional mix
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| strategies | plans of action used to achieve the goals (what you do)
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| target market | are identified segments of the market that a business wants to have as their customer
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| psycographics | markets divide by social and psychological characteristics
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| product | function involves deciding what product to make or sell
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| marketing concept | satisfying customers needs and wants
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| selling | one on one contact w/ the customer
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| marketing | process of developing, pricing, selling, promoting, and distributing products to satify customers needs and wants
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| financing | obtaining the money to operate a business
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| service | a business doing something for a customer
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