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SBE 6.0 Vocabulary Java Games

Market shareThe percentage of the total sales revenue captured by a firm within a market or industry.
Market potentialThe total amount of revenue that can potentially be generated in a specific industry or market.
Market positionThe perceived standing of a business or a product in the minds of its customers as compared to the competition.
Marketing conceptThe philosophy that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired products/services more effectively and efficiently than competitors do.
Market segmentationDividing the total market into smaller, well-defined groups with similar wants and needs and similar key characteristics.
Target marketThe group or groups of potential customers who have been identified as those most likely to patronize the business and/or buy the product.
Target marketingIdentifying market segments with the greatest potential for sales and focusing marketing decisions on satisfying the individuals that make up these segments.
Marketing MixThe combination of the four strategies for product/service, price, place and promotion – the 4 Ps of marketing
WarrantyAssurance by the seller that the product is as it is represented to be or that it will be as it is promised to be.
MarketThe group of potential customers who have similar needs and wants, sufficient buying power, and the willingness to give up a portion of that buying power in order to buy a product or service.
Public relationsActivities designed to create a favorable image for the business, its products, or its policies.
PublicityInformation about a business or its products distributed through various media at no cost to the business and often not controlled by the business.
Sales promotionAll promotional activities other than advertising, personal selling, publicity, and public relations designed to stimulate sales and sales effectiveness.
Personal sellingCommunication between a salesperson and a customer (or customers) intended to influence the customer’s buying decision.
MarketingThe process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
AdvertisingA non-personal promotional message paid for by an identified sponsor utilizing media such as television, radio, magazines, newspapers, billboards, and direct mail.
Psychographic segmentationDividing markets by identifying common interests, attitudes, values, lifestyle, or personality traits among the individuals that constitute that market.
Geographic segmentationDividing markets by where customers are located
Demographic segmentationDividing markets by characteristics people have in common.
Behavioral segmentationDividing markets by identifying common responses to products and product features.

Business Teacher
West Johnston High School

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