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Marketing Concept

Business Principle

TermDefinition
Marketing Concept business must satisfy needs and wants of their customer to compete
Customer person who buys the product
Consumer person who uses the product
Pricing determines prices for products in order to maximize profit
Promotion applying promotional techniques to potential customers
Product/Service Management developing, improving and maintaining a product mix
Financing obtaining the money necessary for business operations
Selling providing consumers with the products and services they desire
Marketing Information Management managing market information to maximize business decisions
Distribution using channels to get products to consumers
Disaggregate reduce the marketing focus to product-market areas where companies are more likely to have a competitive advantage
Segmentation aggregating process which clusters people with similar needs into market segments
Market Segments similar group of consumers responding to the same marketing mix
Baby Boom Generation babies born between 1946-1964; aging population; are of interest to companies promoting products related to aging populations
Generation X babies born between 1965-1977; children of dual-careered parental homes and rising divorce rates; media savvy; big spenders in cosmetics, electronics, clothing and entertainment; reached through sharp images music and humor
Generation Y babies born between 1977-1997; children growing up in computer-dense environment; comfortable with computers; are attractive to marketers for building lasting consumer loyalty
Disposable Income money left after taxes are taken out of paychecks
Discretionary Income money left after basic living expenses have been paid
Trends changes in households, the economy, politics and workplace; changes in personal attitudes about health, time, fun and general living
Metropolitan Statistical Areas (MSAs) created by the government to help distribute federal aid; used by marketers to target consumers and launch promotional campaigns
Target Marketing applies to a fairly homogeneous group of consumers
Mass Marketing applies to a more heterogeneous group of consumers
Parity Products products seen as little-interest and little-involvement products; hard for marketers to distinguish these products from others; example light bulbs and toilet paper
Negative Driven Products products purchased due to the consumer’s negative view of other comparable products such as bottled water
Unsought Products items customers do not yet know they want or need to buy; promotion is the only way for marketers to raise awareness of the product
New Unsought Products completely new products people do not know about
Regular Unsought products remain unsought but not forever such as gravestones and encyclopedias
Convenience Products items of necessity consumers usually do not want to spend a lot of time or money buying
Staples products bought often, routinely and without a lot of thought
Impulse Items products the customer had not planned to buy but were at the right place at the right time; sales may be lost if customers do not see these items at the right place and right time
Emergency Products products especially sought out by consumers usually for emergency reasons; no time to shop around
Specialty Products items especially sought items by consumers; less comparison shopping than other types of products
Mark-up increase in cost
Channels of Distribution series of companies who participate in the flow of products from producer to the final customer
Personal Selling involves direct spoken communication between sellers and consumers
Mass Selling involves communicating with large numbers of consumers at one time
Sales Promotions involves promotional activities other than advertising, publicity and personal selling raising interest, trial or purchase by customers other channel members
Created by: DamSol
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