Test 1 Flashcards
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for costumers, clients, partners, and society at large.
marketing
The idea that a business should strive to satisfy costumers needs and wants while generating a profit for the business.
marketing concept
An added value in economic terms; an attribute of goods or services that makes them capable of satisfying costumers wants and needs.
utility
All people who share similar needs and wants and who have the ability to purchase a given product.
market
Consumers who purchase goods and services for personal use.
consumer market
Also known as business-to-business, this includes all businesses that buy a product for use in their operations.
organizational market
A company’s percentage of the total sales volume generated by all companies that complete in a given market.
market share
Information about the target market. such as age, gender, income level, ethnic background, geographic residence, attitudes, lifestyle, and behavior.
costumer profile
The group of people most likely to become costumers, identified for a specific marketing program.
target market
The four basic marketing strategies called the four P’s: product, place, price, promotion.
marketing mix
An assessment that lists and analyzes the companies strengths and weakness. SWOT is an acronym for strengths, weakness, opportunities, and threats.
SWOT analysis
Scanning of outside influences on an orgizination
PEST analysis
The study of internal and external factors that affect marketing strategies.
situation analysis
Identifies target markets and sets marketing mix choices that focus on those markets.
marketing strategy
The process of classifying people who form a given market into even smaller groups.
market segmentation
