Marketing

What is Marketing?

The process of developing, promoting, and distributing products to satisfy the needs and wants of consumers.

What is the Marketing Concept?

The idea that a business should strive to satisfy customer needs and wants while generating a profit.

What is a Target Market?

A specific group of consumers who have similar needs and wants that the business aims to reach.

What is the Marketing Mix?

A marketing plan developed based on the 5 Ps: Product, Price, Place, Promotion, and People.

Define Product in the Marketing Mix.

The tangible, physical characteristics or features of a product, such as brand name, packaging, and accessories.

Define Price in the Marketing Mix.

The exchange for a product that reflects what the customer is willing and able to pay.

Define Place in the Marketing Mix.

The strategies used to provide convenience for consumers in acquiring the product.

Define Promotion in the Marketing Mix.

The communication of information about the product, including advertising and personal selling.

What is the 5th 'P'?

People.

What is Market Segmentation?

The process of classifying consumers in a target market into smaller groups.

Why is Market Segmentation important?

It allows businesses to focus on a smaller group of potential customers with specific needs and wants.

What are the four factors of Market Segmentation?

Demographic, Geographic, Psychographic, Behavioral.

What are Demographics?

Statistics that objectively describe a population based on characteristics such as age, gender, and income.

What do Geographics refer to?

The classification based on where consumers live, travel, or shop.

What are Psychographics?

Grouping consumers based on similar lifestyle choices, attitudes, values, interests, or opinions.

What do Behavioral factors examine?

Shopping patterns, product benefits to consumers, and usage rates.

What is a Customer Profile?

A list of information or characteristics about a target market.