Marketing

Marketing

Creation and maintenance of satisfying exchange relationships

International marketing

A series of activities that creates an exchange that satisfies a customer across national borders

Marketing mix

Blending of 4 marketing elements: product, place, price, and promotion

Market

Customers a business wants to serve and the location of customers

Market segment

Group of similar customers within a larger market

Target market

A clearly defined segment of the marker to which a business wants to appeal

Market segmentation

The process of dividing customers into markets based on common characteristics with specific needs

Geographic segmentation

Dividing customers into markets based on where they live

Demographic segmentation

Dividing customers into markets based in descriptive characteristics such as age, gender, income, and educational level

Psychographic segmentation

Dividing customers into markets based on their interests and values

Product usage segmentation

Dividing customers into markets based on how frequently they use products and the quantity used

Benefit segmentation

Dividing customers into markets depending on specific values/benefits they expect/require from the use of product/service

Mass Marketing

When a company’s marketing mix is directed at a large and heterogenous group of consumers

Marketing concept

Using the needs of the customer as the primary focus during the planning, production, pricing, distribution, and promotion of a product or service

Brand

A unique name, symbol, or design that identifies a product, service, or business

Image

A unique, memorable quality of a brand

Market Position

The image of a product, service, or business in the mind of a customer, relative to similar competitive offerings

Relationship marketing

Focusing on developing loyal customers that will continue to purchase from a business for a long period of time

Entrepreneurship

Process of planning, creating, and managing a new business

Entrepreneur

Person who takes the risk to start a new business

Proprietorship

A business owned and managed by one person (sole proprietorship)

Proprietor

A person who has sole ownership of a business

Partnership

A business owned and operated by two or more people

Corporation

A business owned by people who purchase stock in the company

inItial Public Offering (IPO)

First sale of stock by a private company to the public

Stockholder

An owner of one or more shares of a corporation (shareholder)

Stakeholder

Any individual or group affected by the actions of a business or organization

Cost of Merchandise

Price a business paid for a product it purchased to sell

Markup

Amount added to the cost of merchandise to establish the selling price

Markdown

Reduction from the original selling price