Marketing Definitions

Marketing
the commercial processes involved in promoting and selling and distributing a product or service
Product Management
the planning or marketing of a product
Goods
a product
Services
performance of duties or provision of space and equipment helpful to others
Information Management
The management of information submitted by customers or collected data
Financing
the management of money and credit and banking and investments
Promotion
The advertising of a new product
Pricing
How a company decides to price a product (cost of a product).
Distribution
Where a company decides to sell their product and how they sell it
Personal Selling
The direct one on one relationship between the customer and the salesperson.
Customer
Someone who is willing to buy a companys product
Consumer
Someone who is intersted and willing (and in need of) to buy a product.
Marketing Concept
Customer relationship management (managing a companys relationship with its customers) EX: Customer service
Market
the world of commercial activity where goods and services are bought and sold
Target Market
A certain market that a company decides to target and sell their product in.
Customer Profile
The kind of people a company targets to sell its product to.
Market Segmentation
concept in economics and marketing
Demographics
data relating to the population and particular groups
Psychographics
opinion research
Geographics
where a company sells their product.
Behaviorial Characteristics
A customer’s buying behavior.
ANPOCS
The selling function
Selling approach
Generates revenue needed for the business to function
Goals of personal selling
Helping customers decide on purchases, the customer leaves happy
Service approach
Asking the customer if they need assistanace
Greeting approach
Welcoming customers
Merchandise approach
Selling the product by noticing a customers interests