| A | B |
|---|
| Marketing | Activities that identify customer and client needs while matching products and services to those needs. |
| Marketing Mix | 4 P's of Marketing - includes product, price, place, promotion |
| Product | Developed items that meet the assessed needs of the target market (goods and services) |
| Price | The final cost of a good or service – must be relative to to production costs and competition |
| Place | Where the product (goods/services) are distributed. Must be when and where the consumer wants it |
| Promotion | Communication with Target Market about the product. (personal selling, mass selling, sales promotion) |
| Advertising | Costs Money (tv ads, etc.) |
| Publicity | Free (can be positive or negative - like Lindsay Lohan) |
| Target Market | a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise |
| Mass Marketing | A market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. It is type of marketing (or attempting to sell through persuasion) of a product to a wider audience. |
| Feature and Benefit | A marketing technique that converts every feature or attribute of a product or service to a benefit that addresses the wants or needs of a customer, thereby shifting message emphasis from the product to the value it delivers. |
| Demographics | A statistical characteristic of a human population (such as name, age, zip code or income) that is important for creating particular target-groups |
| Psychographics | describes consumers on the basis of some psychological trait, characteristics or life style. Not measureable – feelings and beliefs |
