consumer VS Markets
in what way could a market be described as?
consumer market or an organizational market
What are the 4 marketing mix elements?
Place, Promotion, product, and price
What is Target Markets?
the group identified for a specific marketing program
what is an organizational market also known as?
business-to-business (B2B market)
what is the 5th element that some people mention
How were the cereal targeted for the parents?
Nutrition facts
a company's marketing share is its __________ of the total sales volume generated. Fill in the blank.
percentage
What is the marketing mixed used for?
To reach the intended target market.
What are customer profiles? Why do companies have them?
They are information about the customer base of a company. Companies use them to be more efficient in how they market.
what are the four kinds of segments in a target market
consumer markets, organizational markets, market share, and market segmentation
What are a product’s features?
features, brand names, packaging, service, and warranty
List three things companies research for when building a customer profile.
Age, Nationality, Location, Personality, Behavior, Lifestyle, Ethinicity
what are the four ways companies want to improve their operations?
increase productivity, increase sales, decrease expenses, or increase efficiency
What is the example that the textbook uses when talking about the marketing mix?
V8 fusion juice/ fruit juice
What is market segmentation?
segmenting the audience by specific characteristics to tune their approach to selling in the market