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Ch.1-2

TermDefinition
Marketing he total of activities involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing, and selling.
Goods Articles of trade; wares; merchandise:
Services an act of helpful activity
Marketing Concept Management philosophy according to which a firm's goals can be best achieved through identification and satisfaction of the customers' stated and unstated needs and wants
Utility Large firm that owns and/or operates facilities used for generation and transmission or distribution of electricity, gas, or water to general public.
Market An actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter.
Consumer Market Markets dominated by products and services designed for the general consumer.
Organizational Market an organization that conducts its operations based upon market conditions rather than organizational demands.
Market Share A percentage of total sales volume in a market captured by a brand, product, or company.
Target Market A particular market segment at which a marketing campaign is focused.
Customer Profile A description of a customer or set of customers that includes demographic, geographic, and psychographic characteristics, as well as buying patterns, creditworthiness, and purchase history.
Marketing Mix A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion.
SWOT Analysis Situation analysis in which internal strengths and weaknesses of an organization, and external opportunities and threats faced by it are closely examined to chart a strategy. SWOT stands for strengths, weaknesses, opportunities, and threats. See also PEST
PEST Analysis A type of situation analysis in which political-legal (government stability, spending, taxation), economic (inflation, interest rates, unemployment), socio-cultural (demographics, education, income distribution), and technological (knowledge generation, c
Marketing Plan Product specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe. A market plan begins with the identification (through market research) of specific customer needs
Executive Summary Brief but comprehensive synopsis of a business plan or an investment proposal, which highlights its key points and is generally adapted for the external audience.
Situation Analysis A systematic collection and evaluation of past and present economical, political, social, and technological data.
Marketing Strategy An organization's strategy that combines all of its marketing goals into one comprehensive plan.
Sales Forecast Projection of achievable sales revenue, based on historical sales data, analysis of market surveys and trends, and salespersons' estimates. Also called sales budget, it forms the basis of a business plan because the level of sales revenue affects practica
Performance Standard Benchmark against which actual performance is measured.
Market Segmentation The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in
Demographics Specific demographic factors which identify and distinguish a target population or market. See also psychographics.
Discretionary Income Portion of an entity's income available for saving, or spending on non-essentials.
Disposable Income Gross income of an individual or firm from which direct taxes (such as PAYE, income tax) have been deducted.
Geographics Collecting and analyzing information according to the physical location of the customer or other data source.
Psychographics Analysis of consumer lifestyles to create a detailed customer profile.
Mass Marketing An attempt to appeal to an entire market with one basic marketing strategy utilizing mass distribution and mass media. Also called undifferentiated marketing.
Created by: 1234567890elyrIa
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