Define
define marketing
The actions of creating, communicating, delivering, and exchanging products or services to potential consumers or clients
demographic
age, gender, income, marital status, ethnic background
what is the purpose of the market segmentation?
Market segmentation helps identify the target market
3 economic benefits of marketing
new and improved products, lower prices, economic utility
explain four ways to segment a market
geographic, demographic, psychographic, behavioral
define economic utility
form, place, time, possession, and information; adds value to products and brand
geographic
local, state, regional, national, global
what is the purpose of a marketing plan?
directs a company's activities for a specific period of time
7 functions of marketing-name at least 4
channel management, marketing information management, marketing planning, pricing, promotion, product/service management, selling
explain Customer vs. Consumer
a customer is someone who makes the purchase and a consumer is someone who uses the product/service
market share
a company's product sales as a percentage of total sales for that industry (tells the company how they are doing compared to competition in a market)
psychographic
attitudes, lifestyles, interests, activities, values
What is institutional promotion?
used to create a good reputation and favorable image for a business
what is a market?
people who can purchase products to satisfy their similar needs and wants
explain organizational market
B2B; businesses that buy products for use in their operations
target market
a group of people most likely to become customers, identified for a specific marketing program
behavioral
shopping patterns
what is a monopoly
exclusive control over a product or the means of producing it
what is a customer profile used for?
gather info about a customer to then classify them with other customers (developing an idea of a company's customer base/audience)
explain consumer market
consumers who purchase goods and services for customer use
SWOT analysis
assessment of a company's strengths, weaknesses, opportunities, and threats to prepare for competition in a market
5 basic categories within the Promotional mix
personal selling, direct marketing, advertising, sales promotion, public relations
what is business ownership?
legal and financial control over a business
marketing mix strategies (4)
product, place, price, promotion
explain "DECA"
define, explain, connect, above and beyond