Principles of Marketing-Unit 1 Review

When I buy Katie Jo a car for her 16th Birthday, I am the _____ and Katie is the _______

Segmentation of the market based on where people live

Focusing all marketing decisions on a very specific group of people who you want to reach

Businesses must satisfy customers' needs and wants in order to make a profit

Changing raw materials or putting parts together to make them more useful

Having a product available at a certain time of year or a convenient time of day

Consumers born between 1946-1964

Deciding where & to whom products need to be sold in order to reach the final users

Four basic marketing strategies know as the Marketing Mix

Obtaining, developing, maintaining & improving a product based on market research

In-tangible tasks performed for customers

Process of developing promoting and distributing products to satisfy wants/needs of customers

Money that companies with luxury products are after

Uses research and surveys to determine customers' habits, attitudes, trends & competition

The added value that marketing gives products

Tangible products that you buy