Chapter1.

3
Marketing Is All Around Us
Fundamentals of Marketing

Market and Market Identification

The terms found in this section are the foundation for future work and study in
marketing. The first important term is __________, which refers to people who:

_________________________________________________________________

 Have the ability to purchase a product

____________________ - People who share similar needs and wants and are
__________________ products.

Consumer VS Industrial Markets

Consumer market - All consumers who purchase goods and services for
____________________.

The ____________________________________ wants products and services that:

 Save money
 Make life easier
 Improve appearance
 Create status

Industrial market - Businesses that buy products to use in their ______________;

also called the business-to-business market (abbreviated as B-to-B).

The Industrial Market, or ____________________________________ market,

wants products and services that:
 Improve productivity
 ____________________________________________
 Increase sales
 ____________________________________________

Perdue advertises its chicken and turkey products:

 On television and in newspapers, to reach consumers
Chapter1.3
 In Supermarket News, to reach professionals in the supermarket industry

Market Share

A company’s ____________________ is its percentage of total sales in a given

market, such as the video game market. Market share changes as:
 New competitors enter the market
 The market’s volume increases or decreases

Target Market and Market Segmentation

___________________________________ - A group of people identified as those

most likely to become customers.

Identifying a product’s ___________________ is a key to success. A single

product may have these two target markets:
 Consumers
 Customers

A nutritious breakfast food would be targeted at:

 Children who will request it and eat it, the consumers
 Parents who will approve and buy it, the customers

To develop a clear picture of its target market, a business may create a

_____________________________, which lists information such as:
 Age
 Income level
 Ethnic background

Customer profile lists may also include:

 ______________________

 ______________________

 ______________________
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 ______________________
Marketing Mix

The marketing mix includes four basic marketing strategies, or tools, called the
four Ps:
 ________________________
 ________________________
 ________________________
 ________________________

Marketing mix - The four basic marketing strategies, called the four Ps: product,
place, price, and promotion.

____________________ A company must choose what products to develop,

update, and improve.

____________________ A company must decide where to sell and distribute a

product.

____________________ A company must determine what price it will charge for

a product.

____________________ A company must decide how to advertise, promote, and

publicize a product.