Chapter 3: The Basics of Marketing

Marketing
Involves all the of the processes usedd to identify, create, and mainttain exchange relationships that satisfy individuals and organizations.
Marketing Concept
Focuses on identifying and satisfying the needs of customers during the development and marketing of a product or service.
Marketing Mix
Is the combination of four marketing elements; Product, price, distribution, and promotion. Used by a buisness.
Marketing Functions
Are related activities that must be completed to accomplish an important marketing goal.
Marketing Plan
Is written description of the marketing objectives and the planned marketing stradegies and activities required to meet those objectives.
Target Market
A specific group of consumers to whom the buisness wants to sell its products or services.
Niche Market
A smaller market which is a smaller market that has a unique set of needs.
Intergrated Marketing Communication
A strategy used to plan, execute, and monitor all promotional messages about a product to ensure consistency among all those messages.
Marketing Segmentation
The process of dividing a large group of consumers into meaningful subgroups based on identifiable and similar characteristics and needs.
Mass Marketing
An attempt to appeal to a large, general group of consumers.
Customer Profile
A description of the characteristics exhibited by an individual who is likely to buy a buisness’s products or services.
Geographic Segmentaion
Based on where consumers live.
Demographics
Include consumer characteristics such as age, gender, race, martial status, income, education level, and occupation.
Psychographics
Describe consumers based on their interests, attitudes, opinions, and lifestyles.
Product Usage
The amount of a product purchased
Benefit Segmentation
Market Share