unit 1 marketing vocab

gathering information about customers, trends, and other products and analyzing it.

how potential customers are told about new product, what is the message, when and where it will be, and reasons to buy

the exchange of a product for some monetary value.

The exchange of two products worth value.

a key link between creation of value and delivery of value to the customer.

to achieve goals within the company and your own goals

market segmentation based on where your target market lives

market segmentation based on your target market’s personal characteristics.

Buys a products

comprised of four basic marketing strategies, collectively known as the “Four P’s.

Determines how and where a product will be distributed.

planning and executing the idea, pricing, promotion, and distribution of ideas, goods, and services to create exchanges

The functions of marketing add value to a product.

Should reflect what customers are willing and able to pay.

focusing marketing decisions on a specific group of people you want to reach with your product.

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

analyzing a market by specific characteristics in order to create a target market.

changing raw material or putting parts together to make them more useful. Deals with making or producing things.

four basic marketing strategies, collectively known as the “Four P’s.”

having a product where customers can buy it

market segmentation based on the benefits your target market expects to receive or gain from products they purchase

Knowing what to make, how to package it, what brand name to use, and what image to project.

People who share similar needs and wants and are capable of buying products make up a _____.

the process of deciding how to get goods into customer's hands

involves focusing marketing decisions on a specific group of people you want to reach with your product.

how much to charge for goods and services in order to make a profit.

communication with the consumer

Uses a product

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

understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience.

the effort to inform, persuade, or remind potential customers about a business’s products or services.

market segmentation based on your target market’s lifestyles and personality characteristics.

a formal written document communicating the goals, objectives, and strategies of a company.

obtaining, developing, and improving a product or a product mix in response to market opportunities.