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| The process of developing, promoting, pricing, selling, and distributing products to satisfy customer’s wants and needs. Marketing involves all the activities necessary to get a product from the manufacturer to the consumer |
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| Not a necessity, a desire. For example, a sports car versus an economical car. |
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| A necessity for living. For example, clothing |
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| The group of consumers a business desires to have as customers. |
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| The person who uses the product |
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| The person who purchases the product |
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| Tangible items that satisfy customer’s needs and wants. For example, television, car, and clothing. |
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| Intangible items that satisfy customer’s needs and wants. For example, admission to an amusement park, getting a haircut, and seeing a movie. |
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| A business approach that directs all marketing efforts towards satisfying customer’s wants and needs |
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| The acronym for strengths, weaknesses, opportunities, and threats. |
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| Product/service management (PSM) |
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| Designing, producing, maintaining, improving, and obtaining products to meet customer’s wants and needs. For example, redesigning the Mazda RX-8. |
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| Determining a value to charge for products. |
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| Marketing information management (MIM) |
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| Gathering information (such as customer buying habits, prices customers are willing to pay for products, or test marketing potential new products), analyzing information, and utilizing information for use in making marketing decisions. |
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| Determining and responding to customer’s needs and wants through personalized communication. It is intended to influence purchase decisions and increase customer satisfaction. |
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| Communication used to inform, persuade, or remind customers about a business’s products. The most common form of promotion is advertising. |
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| Transporting, storing, and handling goods from the manufacturer to the consumer |
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| A combination of decisions a business makes in order to best reach its target market. Known as the four Ps (product, price, place, promotion) |
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| The group of all potential customers who have similar needs and wants and have the ability to buy the product. Businesses must understand who the potential consumers are in order to effectively meet their needs and wants |
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| Consumers who make purchases for personal use |
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| Businesses that buy products to use in their own business. Also referred to as a business-to-business (B2B) market |
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| The percentage of the total sales revenue acquired by a business within a market |
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| A single marketing plan used to reach all consumers |
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| Narrowing markets, by identifying very specific characteristics, into a more specific group of people |
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| Dividing the entire market into smaller groups who share similar characteristics. |
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| Dividing the market based on personal characteristics such as age, gender, income, ethnic background, education, and occupation. |
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| Dividing a market based on where a person lives (local, regional, state, national, or global markets). |
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| Psychographic segmentation |
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| Dividing the market based on values (ethics, morals, standards), attitudes (personality), and lifestyles (how people spend their time). |
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| Dividing the market into groups based on what they are looking for in a product and why they buy the product. For example, Evadale buys Crest whitening toothpaste to brighten her teeth, |
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