Marketing+Vocabulary

media type="custom" key="26495590" **Marketing Vocabulary** Marketing - The process of planning, pricing, promoting, selling, and distributing products to satisfy customers' needs and wants. Goods - Tangible items of monetary value that satisfy needs and wants. Services - Intangible items of monetary value that satisfy needs and wants. Marketing Concept - Businesses should satisfy customers' needs and wants while making a profit. Utility - An attribute of a product or service that makes it capable of satisfying consumers' wants and needs. Market - People who share similar needs and wants and are capable of buying products. Consumer market - Consumers who purchase goods and services for personal use. Industrial market - Businesses that buy products to use in their operations; also called the business-to-business market. Market share - A company's percentage of total sales volume generated by all competition in a given market. Target market - A group of people identified as those most likely to become customers. Customer profile - A list of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle, and geographic residence. Marketing mix - The four basic marketing strategies, called the four Ps: SWOT Analysis - Assessment which lists and analyzes the company's strengths and its weaknesses (**internal**) and the opportunities and the threats that surround it (**external**.) Environmental Scan - An analysis of **outside** influences that may have an impact on an organization. Marketing Plan - A formal, written document that directs a company's activities for a specific period of time. It provides a roadmap for the product or service. Executive Summary - A brief overview of the entire marketing plan which addresses each topic in the plan. <span style="font-family: Arial,Helvetica,sans-serif;">Situation Analysis - The study of the internal and external factors that affect marketing strategies. <span style="font-family: Arial,Helvetica,sans-serif;">Marketing Strategy - Identifies target markets and sets marketing mix choices that focus on those markets. All strategies need to take the customer's needs and wants into account, as well as the objectives of the marketing plan. <span style="font-family: Arial,Helvetica,sans-serif;">Sales Forecasts - The projection of probable, future sales in units or dollars. <span style="font-family: Arial,Helvetica,sans-serif;">Performance Standard - An expectation for performance that reflects the plan's objectives. <span style="font-family: Arial,Helvetica,sans-serif;">Market Segmentation - Classifying people who form a given market into even smaller groups. <span style="font-family: Arial,Helvetica,sans-serif;">Demographics - Statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education and occupation. <span style="font-family: Arial,Helvetica,sans-serif;">Disposable Income - The money consumers have left after taking out taxes. <span style="font-family: Arial,Helvetica,sans-serif;">Discretionary Income - The money consumers have left after paying for basic living necessities such as food, shelter and clothing. <span style="font-family: Arial,Helvetica,sans-serif;">Geographics - Segmentation of the market based on where people live. <span style="font-family: Arial,Helvetica,sans-serif;">Psychographics - Grouping people with similar lifestyles, as well as shared attitudes, values, and opinions. <span style="font-family: Arial,Helvetica,sans-serif;">Mass Marketing - Using a single marketing strategy to reach all customers.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Core Functions of Marketing:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Channel or Distribution Management - How goods get into the customers' hands (either can be sales channels or physical distribution channels.)
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Market Planning - Strategies to develop specific markets.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Marketing Information Management - Gathering and analyzing information on things such as customers, trends, and competition.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Pricing - How much to charge customers.
 * <span style="font-family: Arial,Helvetica,sans-serif;">Product /Service Management - Developing and improving products or services.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Promotion - Informing, persuading, and reminding customers about your products and services.
 * Selling - <span style="font-family: Arial,Helvetica,sans-serif;">Provides customers with the goods and services they want.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Five Utilities
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Information - Communication with the consumer through various means such as salespeople, displays, packaging, labeling, advertising, or owner's manuals.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Place - Having a product where customers can buy it.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Form - Changing raw materials or putting parts together to make them more useful.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Time - Having a product available at a certain time or year or a convenient time of day.
 * Possession - The exchange of a product for money through various means such as cash, installment credit, personal checks, debit or credit cards or <span style="font-family: Arial,Helvetica,sans-serif;">layaway.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Product - Strategies include choosing what products to make and sell.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Place - Strategies involve decisions of various ways of getting the product into the customer's hands
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Price - Strategies include what customers are willing and able to pay and prices the company will charge.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 13px; line-height: 1.5;">Promotion - Strategies involve decisions about advertising, personal selling, sales promotion and publicity.
 * <span style="font-family: Arial,Helvetica,sans-serif;">Environmental scan
 * <span style="font-family: Arial,Helvetica,sans-serif;">SWOT analysis
 * Baby Boom Generation - Individuals born in the US between 1946 and 1964.
 * Generation X - Followed the baby boom generation.
 * Generation Y - Millennials. Son's and daughters of baby boomers (you!)