| A | B |
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| Marketing | The process of developing, promoting, and distributing products to satisfy customers' needs and wants. |
| Short Def. of Marketing | The promotion of goods, services, and ideas. |
| The Main Goal of Marketing | To get customers the products or services they want at an affordable price. |
| The Main Goal of Marketing | Businesses to sell their products and services at a price that they can earn a profit. |
| Marketers | The people and businesses who complete marketing activities. |
| Marketers | Use research to determine the wants and needs of customers. |
| Demographic Segmentation | Divides the market into groups based on family size, gender, age, race ,religion, education, or occupation. |
| Demographic Segmentation | Most popular basis for segmenting customer groups. |
| Demographic Segmentation | This information is the easiest and least expensive to retrieve. |
| Psychographic Segmentation | Divides the market into groups based on values, social beliefs, lifestyle, or personality characteristics. |
| Psychographic Segmentation | Marketers focus on this type of segmentation. |
| Geographic Segmentation | Divides the market into different geographic units such as nations, regions, states, cities or neighborhoods. |
| A step in the Marketing Strategy | Identify a target market. |
| A step in the Marketing Strategy | Identify a marketing mix. |
| Marketing Mix | Combination of elements designed to meet the needs of a target market. |
| Marketing Mix | Also known as the 4 P's of Marketing. |
| A Marketing Strategy | A 2 step process for successfully planning and marketing products and services. |
| Target Market | A group of individuals or businesses that have similar product needs. |
| Target Market | Audiences are targeted based on the following: demographic, geographic, and psychographic. |
| Maturity Stage | Consumers have a hard time identifying diffeernces between brands. |
| Maturity | The product has many competing brands with very similar features. |
| Growth Stage | When several brands of the same new product are available. |
| Growth | When competitors see the success of a product, they tend to want to get into the market. |
| Introduction | The costs of a new product at this stage are high. |
| Introduction | A brand new product enters the market. |
| Product Life Cycle | Introduction, Growth, Maturity, Decline |
| Product Life Cycle | The stages of sales and profit performance through which all brands of a product progress. |
| Brand Name | A name, symbol, word, or design that identifies a product, service, or company. |
| The 4 P's of Marketing | Product, Price, Promotion, Place |
| Product | Anything offered to the target market to satisfy their needs, including both products and services. |
| Product | Satisfies the public needs or wants. |
| Product | THe marketing element that most businesses consider first when planning a marketing strategy. |
| Decline | When a new product is introduced that is much better or easier to use, and customers switch from the old product to the new one. |
| Place | Also known as distribution. |
| Place | Includes the locations where products are sold and the ways they are made available to customers. |
| Place | Few products are sold directly from the producer to the consumer. |
| Rate of Markup | Businesses decide how much to add to the cost of producting a product, before selling to the consumer. |
| Channel of Distribution | The path a product travels from producer to consumer. |
| Direct Channel of Distribution | The process through which goods are bought by the consumer directly from the producer. |
| Indirect Channel of Distribution | THe process in which goods move through one or more middle firms between the producer and the consumer. Many other businesses are needed to complete the process. |
| Wholesaler | Middle firm taht assists with distribution activities. |
| Retailer | A business firm that sells directly to consumers, collects the products of manufacturers, prices them, displays them, and makes it easy to buy. |
| Price | What customers pay for a product. |
| Better Quality | A higher price may mean what? |
| Goal of Pricing | Cover costs and generate a profit. |
| Goal of Pricing | Pick a price consumers view as a good value. |
| Goal of Pricing | Make it a competitive price but be careful. |
| Promotion | The actual 'marketing' of a product or sevice. The way the image is portrayed. |
| Promotion | Packaging, Advertising, Personal Selling, Sales Promotion |
| Sales Promotion | Coupons, Discounts |
| Personal Selling | Direct, personal communication between a salesperson and a customer to encourage the purchase of a product. |
