Marketing Basics
This economic system is driven by competition and profit, not the government.
Centralized
Cooperative
Private
Private Enterprise System
Dividing markets based on age, income, or gender
Geographic
Psychographic
Demographic
Demographic Segmentation/target market
The full range of products a company offers
4P's
Promotion Mix
Product Mix
Product Mix
Direct interaction between a salesperson and a customer
Promotions
Personal Selling
Public Relations
Personal Selling
Money a business earns
Profit
Revenue
Income
Revenue
The process of identifying a target group of consumers.
Market Identification
Market segementation
Market Identification
Dividing markets based on location
Geographic Segmentation
Geographic location
Geographic Segmentation
Selling oldest inventory first
FIFO
LIFO
What is FIFO
Activities to inform and persuade customers.
Promotion activities
Promotional Mediums
What are Promotional Activities
Costs of running a business
Expenses
Equity
Expenses
A system used to collect and analyze marketing data
USP
SMS
SMS
Dividing markets based on lifestyle and personality
Behavioral
Psychographic
What is Psychographic Segmentation
Changing a product to improve it
Product Modification
Product Mix
Product Modification
Communication channels like TV or social media
Promotional activities
Promotional Medium
Promotional Medium
Money left after expenses
Income
Profit
Profit
The study of how people decide what to buy
Consumer______?
Consumer Buying Behavior
Dividing markets based on buying habits or loyalty
Behavior______?
What is Behavioral Segmentation
Pricing high to create a luxury image
________pricing?
Prestige Pricing
The stage where a salesperson researches a customer
Pre_____?
What is Pre-approach
The ethical framework guiding decisions and conduct within an organization is referred to as.
Business______?
Business ethics
A company’s commitment to ethical and social responsibility
Corporate Responsibility
A detailed description of your ideal customer.
Customer Profile
Selling multiple items together at a lower price
Bundle Pricing
Identifying potential customers
Prospecting
Debts a business owes.
Liabilities