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Unit 1 Basics of mar

TermDefinition
Marketing An activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing Mix The mix of controllable marketing variables "FOUR Ps"-price, product, promotion, and place (or distribution).
Functions of Marketing seven basic functions of marketing: Distribution, Financing, Marketing Information Management, Pricing, Product/Service management, Promotion,andSelling
Situation Analysis Study of past and present data to identify trends, forces, and conditions
Marketing Concept The idea that you must satisfy a customer’s needs and wants in order to make a profit.
Customer The actual or prospective purchiser of products or services
Target Market - The particular segment of a total population on which a business focuses its expertise to satisfy that submarket in order to accomplish its profit objectives
Market Segmentation process of subdividing a market into distinct subsets of customers that behave in the same way or have similar needs.
Demographic study of total size, sex, territorial distribution, age, composition, and other characteristics of human populations;
Geographic Market segmentation based on where your target market lives. Includes: local markets, regional markets, national markets, and global markets
Psychographic process of dividing markets into segments on the baised of consumer life styles, attitudes, behavior,and drives.
Created by: jgalvan1164
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