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GLENCO Marketing Essentials Chapter 1 - 2
Key Words from book GLENCO Marketing Essentials Chapters 1 - 2
27
Marketing
11th Grade
10/04/2012

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Term
Marketing
Definition
The process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers
Term
Goods
Definition
Tangible items that have monetary value and satisfy your needs and wants
Term
Services
Definition
Intangible items that have monetary value and satisfy your needs and wants
Term
Marketing concepts 
Definition
The idea that business should strive to satisfy customers' needs and wants while generating a profit for the firm
Term
Utility
Definition
Economic term for adding value to a product
Term
Market 
Definition
All people who share similar needs and wants and who are willing and have the ability to purchase a given product
Term
Consumer market
Definition
Market that consists of consumers who purchase goods and services for personal use
Term
Industrial market
Definition
Business-to-Business (B-to-B) market includes all business that buy products for use in their operations
Term
Market share
Definition
The percentage of the total sales volume generated by all companies that compete in a given market
Term
Target market
Definition
The group that is identified for a specific marketing program
Term
Customer profile
Definition
A prfile that lists informations about the target market (demographic)
Term
Marketing mix
Definition

Four basic marketing strategies called the four Ps:

product, place, price, promotion

Term
SWOT analysis
Definition
 The acronym fo rthe strengths, weaknesses, opportunities, and threats
Term
Enviornmental scan
Definition
An analysis of outside influences that have an impact on an organization 
Term
Marketing plan
Definition
A formal written document that directs a company's activites for a specific period of time
Term
Executive summary
Definition
A brief overview of the entire marketing plan
Term
Situation analysis
Definition
The study of the internal and external factors that affect marketing strategies
Term
Marketing strategies
Definition
A strategy that identifies target markets and sets marketing mix choices that focus on those markets
Term
Sales forecast
Definition
The projection of probable future sales in units or dollars
Term
Performance standard
Definition
An expectation for performance that reflex on the plan's objectives
Term
Marketing segmentation
Definition
The process of classifying people who form a given market into even smaller groups
Term
Demographics
Definition
A method that refers to statistics that describe a population in terms of personal characteristics
Term
Disposible income
Definition
Money left after taking out taxes
Term
Discretionary income
Definition
Money left after paying bills
Term
Geographics 
Definition
A method that refers to segmentation of the market based on where people live
Term
Psychographics
Definition
A method that involves grouping people with similar life styles , as well as shared attitudes, values, opinions, and beliefs
Term
Mass marketing 
Definition
Marketing that involves using a single marketing strategy to reach all customers
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