| A | B |
|---|
| Marketing Mix | Product, Price, Place, Promotion |
| Marketing | Marketing involves all of the processes used to identify, create, and maintain satisfying exchange relationships. |
| Product | A good or service produced to meet consumer demand. |
| Marketing Concept | Focuses on identifying and satisfying the needs of customers during the development and marketing of a product. |
| Price | The amount customers pay for a good or service is the price. |
| Distribution | Referred to as place, distribution involves having the product in the right place at the right time. |
| Marketing Funtions | Pricing, Promotion, Selling |
| Promotion | Involves all communications used by a business to create a favorable impression of its products. |
| Marketing- Information Management | Collection and managing information needed to make decisions |
| Financing | Providing financial assistance to customers to enable them to buy products. |
| Market Planning | Identifying target markets and developing a marketing mix. |
| Product Management | Creating products that meet the needs of customers. |
| Distirbution | Determining the best methods to make products available to customers. |
| Marketing Plan | Written description of the marketing objectives as well as the planned strategies and activites required to meet those objectives. |
| Target Market | A specific group of consumers to whom a business wants to sell its products. |
| Undifferentited | Views the market as a whole instead of segments |
| Concentrated | Focuses on a niche market with a unique set of needs |
| Multiple Segment | Choose to serve two or more target markets |
| Mass Marketing | An attempt to appeal to a large group of consumers |
| Market Segmentation | The process of diving a large group or consumers into subgroups. |
| Market Segment | A subgroup of individuals within a larger market who share one or more characteristics. |
| Geographic | Based on where consumers live. |
| Demographic | Based on consumer characteristics that can be measured, such as age, gender, race, etc. |
| Psychographic | Based on things that are difficult to measure like interests, attitudes, and lifestyles. |
| Product Usage | Based on the amount of a product that is purchased and used. |
| Benefits Derived | Based on specific benefits they expect to receive from a product. |
| Niche Market | A small market with a unique set of needs |
