Vocab
human desires that make life more pleasant; largely depend on psychological factors.
what is want
criteria based lifestyle, attitudes, and interests of individuals.
what is Psychographics
Factors based on biological necessity to survive.
what is need
An intangible
what is Service
A purchaser of a good or service.
what is a Customer
end user in the distribution chain of a good or service.
what is Consumer
Potential customer buying authority, financial capacity, and willingness to buy.
what is Prospect
document about the goals, objectives, and strategies of a company.
what is the Marketing Plan
A general market category; includes consumers abroad in other countries.
what is an International Market
something that people find useful or desirable and make an effort to acquire it.
what is a Good
where individuals purchase goods and services for personal use
what is the Consumer Market
Segmentation of the market based on location and other related characteristics.
what is Geographics
the four Ps: product, place, price, and promotion.
what is Marketing Mix
An intangible, valuable action, deed, or effort performed to satisfy a need or to fulfill a demand.
what is a Service
The business philosophy which focuses on sales goals and profits, rather than customers' wants and needs.
what is Selling Concept
Selling the same product and using the same promotion methods across all countries
what is Globalization
philosophy focused on sales goals and profits, rather than customers' wants and needs.
what is Selling Concept
activities used to produce and promote goods and services for customers
what is Marketing
A good or service that a business will sell to the targeted markets to satisfy their needs or wants
what is a Product
where a company will sell a product and how it will be delivered to the market.
what is Place
Goods and services that are modified to satisfy a specific customer need.
What is Customization
information about the target market such as age, gender, behavior, and more.
what is Customer Profile
Modification of a concept to make it applicable in situations different from originally anticipated.
what is Adaptation
businesses who share needs and wants and are capable of buying a product.
what is a Market
A general category of markets. Purchasing goods or services from another business.
what is an Industrial Market