Marketing Vocab

Benefits  

Those things that aid or promote well-being. 

Create

To bring (something) into existence. 

Conduct 

To direct or take part in the operation or management of something. 

Consumer Market  

Consumers who purchase goods and services for personal use 

Customer Profile  

Information about the target market, such as age, gender, income level, marital status, ethnic background, geographic residence, attitudes, lifestyle, and behavior. 

Goods  

Tangible items that have monetary value and satisfy one's needs and wants. 

Impact  

A strong effect or influence  

Market 

All people who share similar needs and wants and who have the ability to purchase a given product. 

Market Plan  

A formal, written document that directs a company's activities for  a specific period of time  

Market Share  

A company's percentage of the total sales volume generated by all companies that compete in a given market.  

Marketing Mix  

The four basic marketing strategies  called the four P's: product, place, price, and promotion. 

Marketing  

Is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. 

Marketing Concept 

The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the business.  

Marketing Strategy  

Identifies target markets and sets marketing mix choices that focus on those markets. 

Target Market 

The group of people most likely to become customers, identified for a specific marketing program. 

Organizational Market 

Also known as business-to-business (B2B, this includes all businesses that buy products for use in their operations. 

Utility 

An added value in economics terms; an attribute of goods or services that make them capable of satisfying consumers' wants and needs.  

Services 

Intangible items that have monetary value and satisfy your needs and wants.