| A | B |
|---|
| Marketing | The process of developing |
| Target market | The group of consumers a business desires to have as customers. |
| Consumer | The person who uses the product. |
| Customer | The person who purchases the product. |
| Products | include both goods (Tangible items that satisfy customer’s needs and wants) and services (Intangible items that satisfy customer’s needs and wants |
| Marketing Concept | A business approach that directs all marketing efforts towards satisfying customer’s wants and needs |
| SWOT Analysis | The acronym for strengths |
| Product/service Management | Designing |
| Marketing Information Management | Gathering information (such as customer buying habits |
| Selling | Determining and responding to customer’s needs and wants through personalized communication |
| Promotion | Communication used to inform |
| Distribution | Transporting |
| Marketing Mix | A combination of decisions a business makes in order to best reach its target market. Known as the four Ps (product |
| Price | The amount a business charges customers for a product |
| Place | Having the product available at the right time and location. Also known as distribution |
| Market | The group of all potential customers who have similar needs and wants and have the ability to buy the product. |
| Consumer Markets | Consumers who make purchases for personal use. |
| Industrial Markets | Businesses that buy products to use in their own business. Also referred to as a business-to-business (B2B) market. |
| Market Share | The percentage of the total sales revenue acquired by a business within a market. |
| Mass Marketing | A single marketing plan used to reach all consumers. |
| Niche Marketing | Narrowing markets |
| Market Segmentation | Dividing the entire market into smaller groups who share similar characteristics. Segmentation allows businesses to customize products to reach specific markets. |
| Demographic Segmentation | Dividing the market based on personal characteristics such as age |
| Geographic Segmentation | Dividing a market based on where a person lives (local |
| Psychographic Segmentation | Dividing the market based on values (ethics |
| Behavioral Segmentation | Dividing the market into groups based on what they are looking for in a product and why they buy the product. |
