| A | B |
|---|
| Marketing | Process of developing, promoting, pricing and distributing products in order to satisfy customers' needs and wants. |
| Marketing Concept | Directing all business efforts to satisfying the needs and wants of the customers. |
| Marketing Information Management | Obtaining information needed to make sound business decisions. |
| Product/Service Management | Obtaining, developing, maintaining and improving products or services in response to market opportunities. |
| Financing | Obtaining the money needed to finance the operation of a business. |
| Pricing | Determining a value to charge for goods and services. |
| Promotion | Informing and reminding customers of the products available to them. |
| Selling | Determining customer needs and wants and responding to those need and wants through personalized communication intended to influence purchase decisions and ensure satisfaction. |
| Distribution | Transporting, storing, and handling of goods on their way from the manufacturer to the consumer. |
| Marketing Mix | Combination of decisions a business must make in order to best reach its target market. (AKA: 4 P's) |
| Product | Goods and services a business will offer to its customers. |
| Price | Amount a business charages customers for their products. |
| Place | Making products available at the right time and location. (includes distribution) |
| Market | Group of all potential customers who share common needs and wants, and have the ability and willingness to buy the product. |
| Mass Marketing | A single marketing plan used to reach all consumers. |
| Target Market | Group of consumers that a company desires to have as customers |
| Market Segmentation | Dividing the entire market into smaller groups who share similar characteristics. |
| Demographic Segmentation | Divides the market basaed on personal characteristics such as age, gender, income, ethnic background, education and occupation. |
| Psychographic Segmentation | Divides the market based on values, attitudes and lifestyles. |
| Geographic Segmentation | Divides a market based on where a person lives. |
| Behavioral Segmentation | Divides the market into groups based on what they are looking for in a product, and why they buy the product. |
