Basic Marketing Concepts

research which has already been performed and often published

tools used to promote products or services to an intended audience

A combination of tools to sell a product or service to meet consumer wants or needs, also known as the Four Ps

smaller, specific groups used for market segmentation

statistical data which classify people, such as age, gender, education, ethnic background or income

long-term results attained through marketing strategies

concept in which businesses must satisfy the needs and wants of their customers to compete

used to segment people according to psychological characteristics, such as attitudes, values or interests

exploratory, in-depth research involving flexible, open-ended questions 

selling a product or service at the right place at the right time

division of the market based on shared characteristics by breaking it down into target markets

informing consumers about the value of a product or service

marketing aimed at appealing to the entire market without consideration of differences

Managing the identity and perception of a product or service to set it apart from others by name, logo or phrases

structured research which uses the scientific method and standardized questions to make generalizations and predictions

method used to achieve marketing goals 

amount a business charges for a product or service

good or service fulfilling a need or want

marketing activity which allows a business to understand who potential customers are for their products or services

Used to segment people based on their actions

research conducted first-hand for the first time by the researcher

used to segment people according to where they live or work

activities of promoting and selling a product or service to satisfy a customer’s needs or wants

small groups of segmented people used for marketing research

Organized effort to gather and interpret information about a market to best satisfy customer needs and wants 

marketing activity for setting marketing goals and devising a strategy to maximize the profits of a product

document outlining the marketing goals and strategies to guide marketing decisions