CH 10.1 Intro to Marketing

Consists of dynamic activities that identify, anticipate, and satisfy customer demand while making a profit.

• advertising

• marketing

• segmentation

• demographics

Approach to business that focuses on satisfying customers as the means of achieving profit goals.

• promotion

• demographics

• customer profile

• marketing concept

four Ps of marketing

• Marketing elements of product, price, place, and promotion.

• Marketing elements of production, price, place, and promotion.

• Marketing elements of product, price, place, and placement.

• Marketing elements of product, price, plan, and promotion.

Anything that can be bought or sold.

• place

• promotion

• product

• price

Includes the activities involved in getting goods and services to customers.

• place

• promotion

• product

• price

Process of communicating with potential customers in an effort to influence their buying behavior.

• place

• promotion

• product

• price

Specific group of customers whose needs a company will focus on satisfying.

• target market

• potential customers

• group

• market

Plan that helps a business meet its overall goals and objectives.

• marketing plan

• market segmentation

• target market

• marketing strategy

Document describing business and marketing objectives and the strategies and tactics to achieve them.

• marketing plan

• market segmentation

• target market

• marketing strategy

Process of dividing the market into smaller groups.

• target market

• marketing strategy

• market segmentation

• marketing mix