marketing vocab

Market

All potential customer who share common needs and wants and who have the ability and willingness to buy the product or service

Marketing

The process of meeting the wants and needs of consumers

Marketing concept

A plan for how to market a product or service to consumers

Target market

A specific group of customers that have similar wants and needs

Relationship marketing

Building customer loyalty through good customer relations

Marketing mix

The four main elements of marketing, product, place, promotion, and price

Break-even point

The amount of money a company has to make on a product to pay for the cost of producing it

Market research

Gathering and studying information about the buying habits of consumers to determine what goods and services to produce

Demographics

Facts about the population in terms of age, gender, income, and education

Channel of Distribution

A particular means of directing products from producers to consumers, such as wholesaler and retailer