| A | B |
|---|
| want | a desire; not a necessity for life |
| need | a necessity for living |
| marketing | all the activities necessary to get a product from the manufacturer to the consumer |
| target market | group of consumers a business wants as customers |
| consumer | uses the good or service |
| customer | purchases the product |
| goods | tangible items |
| services | intangible items |
| marketing concept | directs all marketing efforts towards satisfying the customer |
| SWOT | strengths, weaknesses, opportunities, threats |
| product/service management | designing, producing, maintaining, improving, and obtaining products for customers |
| pricing | determining a value for products |
| marketing information management | gathering, analyzing, and utilizing information for use in making decisions |
| selling | personalized communication intended to influence purchase decisions |
| promotion | inform, persuade, remind |
| distribution | transporting, storing, and handling goods |
| marketing mix | product, price, place, promotion |
| market | potential customers who are willing and able to buy a product |
| consumer market | purchases for personal use |
| industrial market | B2B; purchases for business use |
| market share | percentage of the toal sales revenue acquired by a business within a market |
| mass marketing | single marketing plan used to reach all customers |
| niche marketing | narrowing markets by specific characteristics |
| demographic segmentation | age, gender, income, ethnic background, education, occupation |
| geographic segmentation | local, regional, state, national, global |
| psychographic segmentation | values, attitudes, lifestyles |
| behavioral segmentation | what customers are looking for in a product; why they buy the product; loyalty |
