Vocab 1
Modification of a concept or object to make it applicable in situations different from originally anticipated.
What is adaptation?
Collection of information of the target market or particular consumer. ( age, gender, etc.)
Whats a customer profile?
Selling the same product and using the same promotion methods across all countries; a form of mass marketing.
What is globalization?
Research concerned with determining a target market, its size, location, and segmentation within the market
What is market research?
Segmentation of the market based on location and other related characteristics.
What are geographics?
Marketing communication strategies and techniques such as advertising, personal selling, sales promotion, and publicity used to reach the target market. Part of the Marketing Mix.
What is promotion?
Goods and services that are modified to satisfy a specific customer need.
What is customization?
Potential customer or client qualified on the basis or his or her buying authority, financial capacity, and willingness to buy.
What is prospect?
The business philosophy which focuses on sales goals and profits, rather than customers' wants and needs.
What is the selling concept?
Specific factors which identify and distinguish a group of consumers in terms of personal characteristics such as age, gender, income, marital status, ethnicity, education, and occupation.
What are demographics?
percentage of total sales earned by a company in a particular industry or product category.
What is market share?
market strategy used with the aim to reach the largest group of customers possible, while disregarding differences among people.
What is mass marketing?
general category of markets, this consists of business-to-business sales. One business serves as the buyer, purchasing goods or services from another business. (B2B)
Whats the industrial market?
The identification of a target market and the marketing mix decisions that focus on that market.
What is the marketing strategy?
form of market segmentation that groups consumers based on specific behavioral patterns they display when making purchasing decisions.
What are behavioural variables?
General market category where individuals purchase goods and services for personal use; also known as B2C.
Whats the consumer market?
general market category, this is a nation's internal market where goods and services are bought and sold within the boundaries of a country.
What is the domestic market?
A general market category; includes consumers abroad in other countries.
What is the international market?
The four basic categories of marketing decisions, called the four Ps: product, place, price, and promotion.
What is the marketing mix?
Segmentation criteria based on social and psychological characteristics such as lifestyle, attitudes, and interests of individuals.
What are psychographics?
formal written document communicating the goals, objectives, and strategies of a company.
What is the marketing plan?
Concentrating all marketing efforts on a small but specific and well defined segment of the population--competing within a narrowly defined market segment with a specialized offering.
What is niche marketing?
general group of people or businesses who share similar needs and wants and are capable of purchasing a product.
What is a market?
Philosophy according to which a firm's goals can be best achieved through identification and satisfaction of the customers' needs and wants.
What is the marketing concept?
A good or service that a business will sell to the targeted markets to satisfy their needs or wants. Part of the Marketing Mix.
What is a product?