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Marketing Review
Review of the Marketing Concept
| Term | Definition |
|---|---|
| Marketing Mix | a combination of four strategies used to market a product. (The four P's) |
| Marketing Concept | focusing company efforts on satisfying customer wants and needs, while generating a profit. |
| Market | the group of all potential customers who share common needs and wants. and who have the ability and willingness to buy the product. |
| Market Share | percentage of total sales generated by competing companies. |
| Consumers | people who use the product. |
| Goods | tangible items |
| Services | Intangible items |
| Industrial Market | businesses that buy products for use in their operations. |
| Consumer Market | consumers who purchase goods and services for personal use |
| Positioning | trying to get the customers to think of your product in a certain way. |
| Product strategies | what product to make ~How to package the product ~What brand name to use |
| Price Strategies | must reflect what consumers are willing to buy ~Must reflect what cost the market will bear |
| Customers | people who buy the product |
| Pricing | the function of marketing which determines how much to charge for goods and services. |
| Promotion | Any form of communication used to inform, persuade, or remind customers about a business’s products or services. It is also used to improve a firm’s public image. (commercials, billboards, radio, BOGO, coupons, etc.) |
| Selling | the function of marketing that provides customers with the goods and services they want. (For example. Every time you check out at the register and pay a cashier you are participating in the selling function.) |
| Product/Service Management | obtaining, developing, or improving a product. (Examples include: adding a new product line, modifying an existing product) |
| Financing | the marketing function of obtaining the money needed to start and operate a business. |
| Marketing Information Management | the marketing function of obtaining information about the customer, competition or business environment. (Also known as marketing research. (focus groups, observations, and surveys) |
| Distribution | deciding how goods get into the customers hands.(location within the store, determining which stores a product will be sold, method of transportation, and storage) |
| Demographics | Statistics that describe a population in terms of personal characteristics (age, gender, race, ethnicity, marital status, income level, occupation, life cycle stage) |
| Geographics | Segmentation method based on information about where people live (nationally, globally, locally, regionally) |
| Psychographics | Segmentation method based on lifestyles, beliefs, opinions, and attitudes (remember magazines are often segmented based on lifestyles and interests) |
| Buying Behavior | shopping patterns and decision-making process. |
Created by:
XzavierBly
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