Exam - Unit 1 (ch. 1 & 2) Flashcards
Marketing
creating, communicating, and exchanging ideas, goods, and services (to customers)
Marketing Concept
focusing on a customers needs/wants while also generating profit
Utility
form(creation), place(where sold), time(time sold), possession(who to who), and information
Market
people who share similar needs/wants and have the ability to buy
Consumer Market
consumers who purchase goods
Organizational Market
business to business; businesses who purchase goods to use
Market Share
a firms percent of profit in a market
i.e. Kellogg’s % in cereal industry
Customer Profile
about the customer (age, gender, lifestyle, etc.)
synonym: demographics
Target Market
group of people with similar needs/wants that a business is targeting with their product
Marketing Mix
4 P’s: product, place, price, promotion
SWOT Analysis
Strength, Weakness (controlled); Opportunity, Threat (not controlled)
PEST Analysis
Political, Economic, Social, Technology
Market Segmentation
marketing to a small group of people
i.e. fast-skins to elite swimmers
Demographics
the facts about who you are selling to
synonym: customer profile
Geographics
where the group of people live that you are targeting
