fundamentals of marketing handout

Marketing
the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
Marketing Mix
mix of variables marketers control to influence a business’ success; the four
Ps: price, product, place, promotion
Marketing Plan
document which outlines a business’s marketing problems and how they will be
addressed and solved
Mass Marketing
marketing aimed at the masses without consideration of differences among
them
Market Segmentation
division of the mass market based on shared characteristics
Target Market
specific group for which a business’s products, services and marketing efforts
are intended
Market Research
organized effort to gather and interpret information about a market
Secondary Research
past research which has already been performed and often already published
Primary Research
research done firsthand for the first time
Qualitative Research
exploratory, in-depth research involving flexible, open-ended questions;
includes: interviews, observation and focus groups
Quantitative Research
structured research which uses the scientific method and standardized
questions to make generalizations and predictions; includes: questionnaires,
surveys and experiments
Marketing Information System
system for gathering and organizing marketing information used in decisionmaking
Goals
broad, long-term expectations for future achievements
Objectives
specific, measurable, short-term expectations
Strategies
statements describing the overall approach to how goals and objectives will be
achieved
Tactics
specific actions which advance the strategy and achieve an end result