Marketing Vocabulary

Marketing
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objective
Market mix
Market mix
the fundamental elements of marketing—product, price, place, and promotion (also called the 4Ps)
Market concept
Market concept
The idea that you must satisfy a customers’ needs and wants in order to make a profit
Functions of market
Functions of market
There are seven basic functions of marketing: Distribution, Financing, Marketing information management, Pricing, Product/service management, Promotion, and Selling
Target market
Target market
a specific group of people that are possible consumers of a product
Market segment
Market segment
Analyzing a market by specific characteristics in order to create a target market
Demographic
Demographic
Market segmentation based on a target market’s personal characteristics. Includes: gender, age, income level, occupation, ethnic background, and education level
Geographic
Geographic
Market segmentation based on where your target market lives. Includes: local markets, regional markets, national markets, and global markets
Psychographic
Psychographic
Market segmentation based on where your target market lives. Includes: local markets, regional markets, national markets, and global markets
relationship marketing
A strategy to
build customer relations
channel of distribution
channel of distribution
A pathway to
direct products to consumers
direct distribution
direct distribution
Distribution of goods
or services from the producer directly
to the customer
indirect distribution
indirect distribution
Distribution
involving one or more intermediaries
break-even point
break-even point
The point at which total
revenues, or sales, equal total costs and
expenses of making and distributing a
product or service
market
market
a group of customers who are qualified to make purchases of products or services that a marketer is able to offer