business principles
Help!
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| Marketing Concept | business must satisfy needs and wants of their customer to compete
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| Customer | person who buys the product
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| Pricing | determines prices for products in order to maximize profit
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| Promotion | applying promotional techniques to potential customers
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| Product/Service Management | developing, improving and maintaining a product mix
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| Financing | obtaining the money necessary for business operations
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| Selling | providing consumers with the products and services they desire
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| Marketing Information Management | managing market information to maximize business decisions
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| Distribution | using channels to get products to consumers
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| Disaggregate | reduce the marketing focus to product-market areas where companies are
more likely to have a competitive advantage
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| Segmentation | aggregating process which clusters people with similar needs into market
segments
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| Market Segments | similar group of consumers responding to the same marketing mix
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| Baby Boom Generation | babies born between 1946-1964; aging population; are of interest to
companies promoting products related to aging populations
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| Generation X | babies born between 1965-1977; children of dual-careered parental homes
and rising divorce rates; media savvy; big spenders in cosmetics, electronics,
clothing and entertainment; reached through sharp images music and humor
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| Generation Y | babies born between 1977-1997; children growing up in computer-dense
environment; comfortable with computers; are attractive to marketers for
building lasting consumer loyalty
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| Disposable Income | money left after taxes are taken out of paychecks
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| Discretionary Income | money left after basic living expenses have been paid
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| Trends | changes in households, the economy, politics and workplace; changes in
personal attitudes about health, time, fun and general living
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| Metropolitan Statistical Areas (MSAs) | created by the government to help distribute federal aid; used by marketers to
target consumers and launch promotional campaigns
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| Target Marketing |
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