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BM Unit 1

TermDefinition
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.
Marketing mix The mix of controllable marketing variables that the firm uses to pursue the desired level of sales in the target market. "Four Ps"- price, product, promotion, and place (or distribution).
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. Also, known as swot.
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
Demographic The 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 The process of dividing markets into segments on the basis of consumer life styles, attitudes, behavior, and drives. Also can include values, activities and interest
Created by: chrhay368
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