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marketing principles

TermDefinition
marketing 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
functions of marketing 7 basic functions of marketing distribution, financing, marketing, info. management, pricing, product/service, promotion, and selling
situation analysis 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 sub market in order to accomplish its profit objectives
market segmentation process of subdividing a market into a distinct subset of customers that behave in the same way or have similar needs
demographic study of total size
geographic market segmentation based on where your target market lives. Includes local market, regional market, national and global markets
psychographic process of dividing markets into segments on the basis of consumer life styles, attitudes, behavior, and drives.
Created by: laylabrackett
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