Chapter 13 Marketing Essentials

market
a group of customers who share common wants and needs
marketing
the commercial processes involved in pricing, promoting and selling and distributing a product or service
relationship marketing
a strategy to build customer relations
marketing mix
product, price, place, promotion (sometimes people)
channel of distribution
a pathway to direct products to consumers
direct distribution
channel of distribution is straight from manufacturer to consumer
indirect distribution
channel of distribution involving one or more intermediaries
break-even point
the point at which the costs of producing a product equal the revenue made from selling the product
gender
the biologically and socially influenced characteristics by which people define male and female
physical
having material existence
located
to determine or indicate the place, site, or limits of
aware
conscious of; bearing in mind
market research
the act of gathering, recording, and analyzing data about the types of goods and services that people want
marketing concept
businesses should satisfy customers’ needs and wants while making a profit
demographics
facts about the population
target marketing
a marketing mix is tailored to fit some specific target customers
market segmentation
the process of dividing the total market into groups whose members have similar characteristics
test-market
offering a product in a limited market for a limited time
surveys
a detailed critical inspection
potential
existing in possibility
strategy
a careful plan or method
crucial
of extreme importance