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Marketing

TermDefinition
Marketing Marketing - Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers. clients, partners, and society at large. American Marketing Association
Marketing Mix - The mix of controllable marketing variables that the firm uses to pursue the desired level of sales in the target market.- price, product, promotion, and place (or distribution).
Functions of Marketing There are seven basic functions of marketing: Distribution, Financing, Marketing Information Management, Pricing, Product/Service management, Promotion, and Selling
Situation Analysis The systematic collection and study of past and present data to identify trends, forces, and conditions with the potential to influence the performance of the business and the choice of appropriate strategies.
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 purchaser 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 The process of subdividing a market into distinct subsets of customers that behave in the same way or have similar needs. Each subset may conceivably be chosen as a market target to be reached with a distinct marketing strategy.
Demographic The study of total size, sex, territorial distribution, age, composition, and other characteristics of human populations; the analysis of changes in the make- up of a population.
Geographic Market segmentation based on where your target market lives. Includes: local markets, regional markets, national markets, and global markets
Psychographic The process of dividing markets into segments on the basis of consumer life styles, attitudes, behavior, and drives. These are social in origin, for example the need for self-actualization, status, and belongingness.
Created by: ToxicVenomPlayz
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