Basic Marketing Concepts

The 4 P's refer to...

Segmenting a market based on consumers' lifestyles, attitudes, and values.

The portion of one's income left after paying taxes.

Using a single marketing message to promote a product with universal appeal.

Focusing all marketing decisions on the specific group you want to reach.

The portion of one's income left after paying taxes and for necessities like food, and shelter.

This takes place every time a product is bought or sold.

Segmenting a market based on personal characteristics such as: age, gender, income, ethnicity.

Generation of people born between 1965 and 1980.

Marketing Mix -- Decisions about how much to charge to cover costs and establish an image.

Segmenting a market based on where people live.

Marketing Mix -- Decisions about how to reach potential customers and what message to use.

Marketing Mix -- Decisions about how and where a product will be distributed.

One who uses a product.

Segmenting the market based upon hobbies and interests is known as:

Generation Y

Marketing Mix -- Decisions about what to make/sell, how to package it, what brand name, etc.

A complete picture of a potential customer, combining several data.

Generation born between 1946 and 1964.

To make a profit, all efforts must be focused on satisfying the customer.