Marketing & Advertising Chapter 2

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Marketing Concept

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Marketing Concept

This concepts states that to make a profit a business must focus all of its efforts on satisfying the needs and wants of its customers.

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Customers

Buys a product.

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Consumers

Uses a product.

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Value

The personal satisfaction gained from use of a good or service.

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Market

The group of all potential customers who share common needs and wants, and who have the ability and willingness to buy the product.

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Mass-Marketing

Involves using a single marketing plan to reach all consumers.

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Market Segmentation

Dividing the total market into smaller groups of people who share specific needs and characteristics.

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Geographics

Refers to the segmentation of a market based on where people live.

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Demographics

Refers to statistics that describe a population in terms of personal characteristics (age, gender, income, education, etc.).

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Psychographics

Involves the study of consumers based on lifestyle, and the attitudes and values that shape it (interests, beliefs, etc.)

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Customer Profile

When you combine geographic, demographic, and psychographic data, a remarkably complete picture emerges of a prospective customer.

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Target Marketing

Focusing all marketing decisions on the specific group of people you want to reach.

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Marketing Mix

The Four P's of Marketing (Produce, Place, Price and Promotion).

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Positioning

What you do to get into the mind of the prospect - when you position a product, you try to get customers to think of it in a certain way.

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