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MP Unit 1 (2022)

Marketing Foundations

TermDefinition
marketing Developing, promoting, and distributing products to satisfy customer needs and wants is
marketing concept focuses on two elements profit and satisfied customers
market the group of all of the potential customers or people who share similar wants and needs and who have the ability to purchase a given product
marketing mix a combination of strategies used to market a product. Also called the 4Ps of marketing
market segmentation the way the market is divided into smaller groups of potential customers
demographics statistics that describe a population in terms of personal characteristics such as ethinic background, age, income, education, gender, etc.
geographics a division of the market based upon where people live
channel management (distribution) the process of deciding how to gets goods into the customers hands. Examples could include selling online, in the mail, or at the store
information management (marketing research) involves collecting information/data about the customer in order to make business decisions. Example - ask for zip code or phone number at check out or conducting a survey to learn more about customers
selling function provides customers with goods and services they want
product/service management a function of marketing involves deciding which products to sell, how to package them including developing, maintaining, and improving a product. For example, improved colors and faster speeds for a blender
pricing a function of marketing related to decisions about how much to charge for goods and service in order to maximize profits
promotion a function of marketing related to communicating with potential customers to inform, persuade, or remind them about a business's products
financing a function of marketing related to getting the money necessary to pay for the operation of a business
psychographics involves grouping people with similar lifestyles, interests and shared attitudes. Examples could include healthy runners, student athletes, or pet owners
buyer behavior grouping potential customers based upon how often they buy and why they buy products
target market the group of customers that is identified for a specific marketing program. For example a company wants to sell healthy drinks, so they try to promote and advertise to athletes
4 Ps the marketing mix strategies: product, place, price and promotion
product Coca cola introduces a new soft drink targeting teen athletes, which basic marketing strategies is this related to?
SWOT analysis when a company examines its internal strengths and weaknesses and external (outside influences) threats and opportunities
place a marketing strategy related to where and how a customer can purchase a product or service. Examples might include a store, online or delivery
consumer customers who influence the purchase of and use a product. Example a child who sees a commercial for fruit loops cereal and asks parents to buy it. They are using the product
discretionary income the money left over after paying for necessary needs and bills allows consumers to purchase things they want. Example - paying all of your bills and then buying tickets to the Braves game on Friday
80/20 rule 80% of company sales are generated by 20% of its customers.
luxury and premium products sales will slow or drop for these types of products when the economy slows down
customer profile a detailed list or description of the customer in order to better meet the needs of its specific customers
market share The percentage of sales that a company makes for a product in a market. Example, Adidas sells 49% and NIKE sells 51% in the soft drink market
Created by: janice ritchey
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