| A | B |
|---|
| Marketing Concept | A philosophy that a company's success is dependent upon efficient identification of needs and wants and the ability to satisfy them. |
| Need | Something you have to have and you cannot do without. |
| Exchange Process | A marketing transaction in which the buyer provides something of value to the seller in return for goods and services that meet the buyers needs or wants. |
| Target Market | People with a defining set of characteristics that set them apart as a group. |
| Demographic Information | Information that provides descriptive classifications of consumers. |
| Niche Marketing | The process of carving out a relatively tiny part of a market that has a very special need not currently being filled. |
| Market segmentation | Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. |
| The Marketing Mix (The 4 P's) | Variables that are controlled by marketing professionals in an effort to satisfy the target market. |
| Product | Goods, services, or ideas used to satisfy consumer needs |
| Price | Determined by what customers are willing to pay and production costs |
| Place | The process of making the product available to the customer |
| Promotion | Information related to products or services are communicated to the consumer |
| The 3 Requirements of the exchange process | There must be at least two parties involved b. Some means of communication must be present between all parties, and typically a desire must be present to engage in a partnership with the other party or parties c. Each party must be free to accept or decline |
| Product usage | Reflects what products consumers use and how often they use them. |
| Psychographic segmentation | Grouping consumers based on personality traits and lifestyle 29 i. Sports fans, music lovers, individuals who enjoy attending live events |
| The Benefits of marketing | a. The ability to add perceived value to goods and services b. Making the buying process easy and convenient for consumers c. Creating and maintaining reasonable prices d. Offering a variety of goods and services e. Increasing production |
| Benefits segmentation | Refers to a perceived value consumers receive from the product or service 31 i. Season ticket holders typically enjoy additional “perks” such as exclusive invitations to pre-game chats with the team coaches and/or staff |
| Geographic Segmentation | Dividing of markets into physical locations i. North, South, East and West regions of the United States ii. Urban and rural areas of a particular state |
