Beginning Marketing Unit 3 Summary: Marketing Mix

Flashcards covering the key vocabulary terms related to the concepts of the marketing mix, product management, pricing strategies, and promotional mix in marketing.

Market

A group of potential customers who have a common need or want.

Market Identification

The process of defining and targeting a specific group of consumers.

Mass Marketing

Targeting a broad audience without regard for differences in needs or wants.

Targeted Marketing

Focusing marketing efforts on a specific group of consumers.

Niche Marketing

Specializing in a small segment of the market.

Market Segmentation

Dividing a market into distinct groups of buyers.

Target Market

The specific group of consumers a business aims to reach.

Demographics

Statistical data relating to the population and particular groups within it.

Psychographics

The study of consumers based on their social and psychological traits.

Geographics

Market segmentation based on location.

Behavioral Segmentation

Dividing consumers based on their behavior towards products.

Customer Profile

A detailed description of a business's typical customer.

Marketing Objectives

Specific goals a company aims to achieve through marketing.

Marketing Strategy

A plan for reaching potential customers and achieving marketing objectives.

Marketing Mix

The combination of factors influencing the purchase decision (Product, Price, Place, Promotion).

Product/Service Management

The function of managing the lifecycle of a product or service.

Product Life Cycle

The stages a product goes through from introduction to decline.

Product Mix

The total range of products offered by a company.

Branding

The process of creating a unique name and image for a product.

Product Positioning

The process of creating an image or identity for a product in the customer's mind.

Promotion

The marketing communication used to inform or persuade consumers.

Promotional Mix

The blend of promotional tools used to reach marketing objectives.

Advertising

A paid form of communication promoting products or services.

Public Relations

The practice of managing the spread of information between an organization and the public.

Sales Promotion

Short-term incentives to encourage the purchase or sale of a product.

Pricing

The process of determining what a company will receive in exchange for its products.

Pricing Strategy

The method companies use to price their products or services.

Channel Management

The process of overseeing the distribution of products from producers to consumers.

Distribution

The process of making a product or service available for the consumer.

Channel of Distribution

The path through which goods and services travel from the vendor to the consumer.

Direct Distribution

Selling directly to the consumer without intermediary channels.

Indirect Distribution

Using intermediaries to sell products to consumers.