Vocab 1

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Marketing

Dynamic activities that identify, anticipate, and satisfy customer demand while making a profit.

Need

Something necessary for survival.

Want

Something a person desires but can live without.

Product

Good, service, or idea.

Good

Physical item that can be touched.

Service

An action that one person preforms for another, usually for a fee.

Idea

Concept, cause, issue, image, or philosophy.

Marketing Professional

Person who determines the marketing needs of a company, researches customer data, developed and implements plans, and focuses on customer satisfaction.

Consumer

Someone who buys a product for their own use.

Personal Branding

Establishing a positive image of oneself.

Marketing Concept

An approach to business to focus on satisfying customer needs and wants while making a profit.

Market

All the people and organizations that might purchase a product.

Business to Consumer/B2C

Consists of customers who buy products for their own use.

Business to Business/B2B

Consists of customers who buy products for use in a business.

Target Market

The specific group of customers to whom a company aims its products and services.

Profit

Difference between income earned and expenses incurred.

Marketing Mix

The strategy for using the elements of a product, price, place, and promotion.

Price

The amount of money requested or exchanged for a product.

Place

Location and activities involved in getting a product or service to end users.

Promotion

The process of communication with potential customers in an effort to influence their buying behavior.

Promotional Mix

Combination of the elements used in a promotional campaign.

Channel

Route a product takes from producer to consumer.

Channel Management

Handles the activities involved in moving products through the different routes.

MIM

Gathers and analyzes information about markets, customers, industry trends, new technology, and competing businesses.

Market Planning

Analyzes the potential of different market places in order to create registries to target to a specific market.

Pricing

All the activities involved in setting prices for products.

Product\\Service Management

Determines which products a business should offer to meet customer needs.

Selling

All personal communications with customers.

Utility

The characteristics of a product that satisfy human wants and needs.