unit 1 vocabulary vocabulary

Term Definition
Marketing Marketing is 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. American Marketing Association
Marketing Mix The mix of controllable marketing variables that the firm uses topursue the desired level of sales in the target market. The most commonclassification of these factors is the four-factor classification called the "Four Ps"-price, product, promotion,
Functions of Marketing There are seven basic functions of marketing:Distribution, Financing, Marketing Information Management, Pricing,Product/Service management, Promotion, and Selling
Situation Analysis – The systematic collection and study of past and present data toidentify trends, forces, and conditions with the potential to influence theperformance of the business and the choice of appropriate strategies.
Marketing Concept The idea that you must satisfy a customer’s needs and wantsin order to make a profit.
Customer The actual or prospective purchaser of products or services
Target Market The particular segment of a total population on which a businessfocuses its expertise to satisfy that submarket in order to accomplish its profitobjectives
Market Segmentation The process of subdividing a market into distinct subsets ofcustomers that behave in the same way or have similar needs. Each subset may conceivably be chosen as a market target to be reached with a distinct marketingstrategy.
Demographic The study of total size, sex, territorial distribution, age, composition,and other characteristics of human populations; the analysis of changes in the make-up of a population.
Geographic Market segmentation based on where your target market lives.Includes: local markets, regional markets, national markets, and global markets
Psychographic The process of dividing markets into segments on the basis ofconsumer life styles, attitudes, behavior, and drives. These are social in origin, forexample the need for self-actualization, status, and belongingness.

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