Marketing III Key Concepts

What are the 4 Ps of the marketing mix.

Obtaining money needed to operate a business.

Deciding where and to whom to sell products.

Business should strive to satisfy customers’ needs & wants while generating profit for the firm

Group of people with similar wants and needs who are willing and able to buy product.

Dividing a market based on age, gender, income, ethnic background, and so on.

The process of developing, pricing, promoting, and distributing products to satisfy customer needs and wants.

The four basic marketing strategies, also known as the 4 P’s.

Dividing a market based on where people live.

Deciding how much to charge for a product.

What are the 7 steps of the sales process?

What does S W O T stand for in a SWOT analysis?

Obtaining, developing, maintaining, improving product in response to market opportunities.

Company’s percentage of total sales volume generated by all companies that compete in a given market.

A way of dividing the market into smaller groups with similar characteristics.

To inform, persuade, and remind potential customers about a company or a product.

Getting the information to make sound business decisions.

The group of people most likely to become customers, identified for specific marketing program

Involves the studies of consumers based on people’s attitudes, interests, and lifestyle.

Providing customers with products they need and want.

What are the 4 components of an advertisement?