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Unit 1 Market Vocab

study material for marketing class

QuestionAnswer
Marketing the activity of creating, communicating, delivering and exchanging.
Marketing Mix The mix of controlled marketing variables the firm uses to pursue the desired level of sells in the target market.
Functions of Marketing Distribution, financing, marketing information management, pricing, product/service management, promotion and selling.
Situation Analysis the foundation of the strategic planning process. the study of past and present data to identify trends and problems.
Marketing Concept you must satisfy the customers needs and wants.
Customer the consumer of products and services
Target Market a certain type of consumer that a business will focus it,s expertise on.
Market Segmentation the process of subdividing a market into distinct subsets of customers that share the same needs or think the same way.
Demographic the study of total size, sex, territorial distribution, age, composition, and other characteristics of a human population.
Geographic Market segmentation based on where the target lives.
Psycho-graphic The process of dividing markets into segments on the basis of consumer life styles, attitudes, behaviors, and drives.
Created by: jbailey4396
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