Basics of Marketing

Groups of similar consumers within a larger market

Type of market in which there is only one supplier offering a unique product

Businesses involved in completing marketing activities as products move producer to consumer

Clearly defined segment of the market to which a business want to appeal

Identified market with excellent potential based on careful research

Studying & prioritizing market segments to locate best potential based on demand & competition

Determine whether or not the choice was correct

Using the needs of customers as the primary focus during planning, production, pricing, etc

A choice among alternative

Type of market in which a few businesses offer very similar products or services

Consumer becomes interested in finding a solution

Consumer gathers information & uses it to evaluate the choices

Consumer is comfortable with evaluation, decision is made

Doesn't operate with a profit motive; still need adequate resources to provide services

Consumer recognizes that a need exists

Has something other than providing products & services for a profit as its primary focus

Businesses used to provide many of the marketing functions during the distribution process

Occures when marketing is considered and essential part of business

Plan that identifies how a company expects to achieve its goals

Type of market in which many suppliers offer very similar products