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Marketing Glossary

Marketing Glossary

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Published by Assad Rafaq
All Important Marketing Terms To Know byKristina Walsh.CAREER & TECHNICAL EDUCATION
All Important Marketing Terms To Know byKristina Walsh.CAREER & TECHNICAL EDUCATION

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Published by: Assad Rafaq on Jan 21, 2013
Copyright:Attribution Non-commercial


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mutual transfer of goods, money, services, or their equivalents; also themarketplace where such transfer occurs. An
takes place every time something is sold in the marketplace.
the process of planning and executing the conception, pricing, promoting,and distributing goods/services/ideas to create exchanges that satisfy individual andorganizational objectives.
Marketing Mix:
also known as the
"4 P's"
, is made up of 
Product, Place, Price, andPromotion.Product-
what to sell.
what to charge for it.
where to sell.
how to talk people into buying it (getting the word out about your product).
The Marketing Concept:
Give the customer what they want while achieving companygoals.To make a profit a business must focus all of its efforts on satisfying the wants andneeds of the customer.
Who uses marketing?
-Producers (manufacturing, farming, forestry, mining, fishing)
-Wholesalers (parts, supplies, equipment)
-Retailers (Macy's, Farm Fresh, McDonald's)
Three types of business ownership...
1. Sole Proprietorship:
easiest to start, been around the longest, and taxed less.However, the owners have unlimited liability and if owner dies, the business ends.
2. Partnership:
has the experience of both owners. However, also has unlimitedliability, and if one partner dies the business ends.
3. Corporation:
owned by shareholders, who are only liable for what they invested.They have one vote for every share they own. It is easy to transfer ownership. However,this is the most complicated form of business to start, and it is taxed more.
What is marketed?Products
are used to satisfy our needs and wants and include both
are the kinds of things you can touch or hold in your hand. Example: a pair of  jeans, sneakers, etc.
Durable Goods:
products that aren't consumed or quickly disposed of, and can beused for several years.
Non-Durable Goods:
products which are consumed in a short period of time. Thesegoods get used up and have to be replaced frequently.
work done for others as an occupation or business. They consist of a seriesof tasks performed for a customer. Services are the products you can't physically touch.Example: Dry Cleaners, Movie theatres, etc.
Who is our market?
the group of all potential customers who share common needs and wants, andwho have the willingness, and money to but a product.
the person who is actually purchasing (paying) for the product.
the person who is actually consuming (using) the product.
Mass Marketing:
using a single marketing plan to reach all customers.
Target Market:
a specific group of consumers with similar characteristics, within abroader group of consumers who purchases a type of product.
Market Segmentation:
dividing the total market into smaller groups of people whoshare specific needs and characteristics. (Small groups with the same needs).
4 Types of Market Segmentation
based on where people live.
refers to the population in terms of age, gender, income, ethnicbackground, education, and occupation.
based on lifestyle and attitudes and values that shape it. Interests or activities people are involved in.
4- Behavioral:
divides consumers into groups according to their response to a product.
The 7 Functions of Marketing
1. Product Service Management:
obtaining, developing, maintaining, and improving aproduct/service mix in response to marketing opportunities. This function plans, directs,and controls all phases of a product's life cycle from beginning to end. (Ex: generatingideas for a new product, improving an existing product, and removing products from themarket.)
buying goods and services used in the operation of your business.Examples: display cases, computers.
***Risk Management:
preventing loss or failure of the business. Examples: theftprevention, inventory control.
2. Financing:
getting the money necessary to start your business.
3. Pricing:
determining and adjusting prices to maximize return and meet customers'perception of value. (How much to charge for your goods and services.)
4. Distribution:
transporting, storing, locating, and/or transferring ownership of goodsand services. The main goal is to move the products from producer to consumer.
5. Promotion:
communicating information about goods/services/ images/ideas toremind people about the product, to persuade you to buy the product, or to inform youabout why the product is the best choice. (Ex: Advertising, Publicity, Sales Promotion)
 6. Selling:
determining customers' needs and wants, and responding through plannedpersonalized communication that influences purchase decisions and enhances futurebusiness opportunities.
 7. Marketing Information Management:
gathering, accessing, synthesizing,evaluating, and disseminating information to make a good business decision. (Ex: Whoare our customers? What products do they want? Why do they want them?)
 The 5 Types of Utility
(ways to add or increase value of a product)
the inherent quality or ability of a product to satisfy a want.

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