Marketing Concepts Vocabulary

involves direct spoken communication between sellers and consumers

reduce the marketing focus to product-market areas where companies are more likely to have a competitive advantage

determines prices for products in order to maximize profit

aggregating process which clusters people with similar needs into market segments

changes in households, the economy, politics and workplace; changes in personal attitudes about health, time, fun

involves communicating with large numbers of consumers at one time

products seen as little-interest and little-involvement products; hard for marketers to distinguish these products

person who buys the product

applies to a more heterogeneous group of consumers

using channels to get products to consumers

person who uses the product

babies born between 1965-1977; children of dual-careered parental homes and rising divorce rates; media savvy

money left after basic living expenses have been paid

money left after taxes are taken out of paychecks

applies to a fairly homogeneous group of consumers

increase in cost

products bought often, routinely and without a lot of thought

babies born between 1946-1964; aging population; are of interest to companies promoting products

developing, improving and maintaining a product mix

products the customer had not planned to buy but were at the right place at the right time

applying promotional techniques to potential customers

created by the government to help distribute federal aid; used by marketers to target consumers and launch promotional

managing market information to maximize business decisions

babies born between 1977-1997; children growing up in computer-dense environment; comfortable with computers

obtaining the money necessary for business operations

involves promotional activities other than advertising, publicity and personal selling raising interest, trial/purchase

similar group of consumers responding to the same marketing mix

providing consumers with the products and services they desire

business must satisfy needs and wants of their customer to compete