Marketing Vocabulary Words

Market

a group of customers who share common wants and needs, and who have the ability to purchase the product.

Marketing

the process of creating, promoting, and presenting a product to meet the wants and needs of consumers.

Target market

groups of customers with very similar needs to whom the company plans to sell its product.

Distribution

This involves moving goods and services from one place to the end user. Trucks, trains, airplanes, and ships are possibnle transportation methods.

Financing

Money is necessary to keep any business afloat. Businessesdecide if customers can pay with credit or other payment options.

Marketing Information Management

Making an infromed decision requires good research and development. Companies conduct market research to learn more about their market.

Pricing

Marketers have to figure out what price to charge for a product so the company makes a procit. Marketing needs to consider the impact of distribution, because each time a product goes through another channel of distribution the price goes up.

Product/Service Management

Obtaining information, developing, and maintaining products helps marketers decide how to respond to market opportunities.

Promotion

Communication through any type of media gets a business's product out and into the hands of the public.

Selling

Retailers or the business-to-business market provides customers or industrial users with goods and serviecs. A popular trend in today's marketing world is relationship marketing.

Publicity

a type of free advertising

Demographics

facts about the population in terms of age, gender, location, income and education.

Channel of distribution

a particular way to direct products to consumers.

Direct distribution

occurs whent the goods or services are sold fromt he producer directly to the customer; an intermediary isn't involved.

Indirect distribution

involves one or more intermediaries

Wholesaler

receives large shipments of products from many different producers. They break the shipments into smaller batches for resale.

Retailer

sells goods directly to the customer. This is the final stiop in the channel of distribution. When you buy something in teh supermarket, drugstore, or department store, you're dealing with a retailer.

Relationship marketing

companies use this strategy to build customer relations.

customer oriented

directing the activities of the company toward satisfying customers.

marketing concept

keeping the needs of the consumer uppermost in mind during the design, production, and distribution of a product

marketing mix

the blend of all decisions related to the four elements of marketing: production, price, distribution, and promotion

market research

the study of a company's current and prospective customers

price

the amount of money given to acquire a product

product

all attributes, both tangible and in tangible, that customers receive in exchange for the purchase price

place

is the set of activities required to transoprt and store products, and make them available to customers

product life cycle

the four stages of sales and profit performance though which all brands of a product progress: introduction, growth, maturity, and decline

marketing plan

a detailed written description of all marketing activities that a business must accomplish in order to sell its products

industrial goods

products designed for use by another business

consumer goods

products designed for personal or home use

convenience goods

inexpensive items that consumers purchase regularly without a great deal of thought

shopping goods

products that consumers purchase less frequently than convenience goods, usually have a higher price, and require some buying thought

specialty goods

products that customers insist upon having and are willing to search for unil they find them

unsought goods

customers do not shop for some products because they do not have a strong need for them

product oriented

decisions about what and how to produce received the most attention

sales oriented

emphasized widespread distribution and promotion in order to sell the products

SWOT Analysis

the examination of the organization's internal strengths and weaknesses as well as the opportunities and threats from its external environment

Break-even point

the amount of money a company has to make on a product to pay for its costs.