| A | B |
|---|
| Marketing | The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objective |
| Marketing Mix | the fundamental elements of marketing—product, price, place, and promotion |
| Marketing Concept | The idea that you must satisfy a customers' needs and wants in order to make a profit |
| Functions of Marketing | There are seven basic functions of marketing: Distribution, Financing, Marketing information management, Pricing, Product/service management, Promotion, and Selling |
| Target Market | a specific group of people that are possible consumers of a product |
| Market Segmentation | Analyzing a market by specific characteristics in order to create a target market |
| Demographics | Market segmentation based on a target market's personal characteristics. Includes: gender, age, income level, occupation, ethnic background, and education level |
| Geographics | Market segmentation based on where your target market lives. Includes: local markets, regional markets, national markets, and global markets |
| Psychographics | Market segmentation based on your target market's lifestyles and personality characteristics. Includes: attitudes, values, activities and interests |
| Purchasing | Obtaining goods and services for use in the operation of a business or for resale.moneysymbol.jpg |
| Pricing | The determination of an exchange price at which the buyer and seller perceive optimum value for a good or service. |
| Product Planning | The process of creating a product in response to market opportunities. |
| Market Information Management | Gathering, recording, analyzing and disseminating information to aid in making marketing decisions. |
| Promotion | Communicates information about products, services, images or ideas to customers or clients to influence their purchase behavior. |
| Finanancing | Determining the need for and availability of financial resources to aid in marketing activities. |
| Distribution | The physical movement or the transfer of ownership of a good or service form the producer to the consumer. |
| Marketing Research | The process and methods used to gather information, analyze it, and report findings related to marketing goods and services. |
| Primary Data | data obtained for the first time and used specifically for the particular problem or issue under study |
| Secondary Data | data that has already been collected for some purpose other than the current study |
| Sample | a part of the target population that is assumed to represent the entire population |
| Population | all members of the group to be studied or researched |
| Bias | a tendency or preference towards a particular perspective, ideology or result |
| Error | reasons that data might be wrong |
| Attitude Research | designed to obtain information about how people feel. |
| Media Research | Focuses on media selection and frequency. It measures the effectiveness of the ad's message and the placement of the ad. It can help determine which media mix is most effective. |
| Product Research | Evaluating product design, product usage, and consumer acceptance of new and existing products. Research is also conducted to collect information about competitive products. |
| Primary Research | involves the collection of data that does not already exist |
| Secondary Research | involves the summary, collation and/or synthesis of existing research, where data is collected from existing sources and was already done for some purpose other than the current study. |
| Random Sampling Error | variations in results that you get using a sample versus what you would get using the entire population of interest. |
| Bias | errors that result from problems or flaws in the research design. |
