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S.B. unit 06
unit 06 vocab
| Question | Answer |
|---|---|
| Advertising | A non-personal promotional message paid for by an identified sponsor utilizing media such as television, radio, magazines, newspapers, billboards, and direct mail. |
| Behavioral segmentation | Dividing markets by identifying common responses to products and product features |
| Demographic segmentation | Dividing markets by where customers are located |
| Market | The group of potential customers who have similar needs and wants, sufficient buying power, and the willingness to give up a portion of that buying power in order to buy a product or service |
| Marketing | The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives |
| Marketing concept | The philosophy that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired products/services more efficiently than competitors do |
| Marketing Mix | The combination of the four strategies for product/service, price, place and promotion - the 4 Ps of marketing |
| Market position | The perceived standing of a business or a product in the minds of its customers as compared to the competition |
| Market potential | The total amount of revenue that can potentially be generated in a specific industry or market |
| Market segmentation | Dividing the total market into smaller, well-defined groups with similar wants and needs and similar key characteristics |
| Market share | The percentage of the total sales revenue captured by a firm within a market or industry |
| Personal selling | Communication between a salesperson and a customer (or customers) intended to influence the customer's buying decision |
| Psychographic segmentation | Dividing markets by identifying common interests, attitudes, values, lifestyle, or personality traits among the individuals that constitute that market |
| Public relations | Activities designed to create a favorable image for the business, its products, or its policies |
| Publicity | Information about a business or its products distributed through various media at no cost to the business and often not controlled by the business |
| Sales promotion | All promotional activities other than advertising, personal selling, publicity, and public relations designed to stimulate sales and sales effectiveness |
| Target market | The group or groups of potential customers who have been identified as those most likely to patronize the business and/or buy the product |
| Target marketing | Identifying market segments with the greatest potential for sales and focusing marketing decisions on satisfying the individuals that make up these segments |
| Warranty | Assurance by the seller that the product is as it is represented to be or that it will be as it is promised to be |
Created by:
375princess
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