Basics of Marketing

A specific group of consumers that an organization selects as the focus of its marketing plan.

• market
• clients
• customers
• target market

Tangible goods, such as a baseball, or a cellphone.

• services
• wants
• product
• needs

The process of developing, promoting, and distributing goods and services to satisfy customer’s needs and wants.

• marketing concept
• marketing mix
• market
• marketing

Studies of consumers based on social and psychological characteristics, such as attitudes, interests, and opinions.

• market segmentation
• demographics
• psychographics
• geographics

Potential customers with shared needs who have the desire and ability to buy a product.

• market
• target market
• clients
• customers

Things that people desire based on personality, experiences, or information about a product.

• wants
• needs
• tangible
• intangible

Basic necessities such as food, clothing, shelter.

• wants
• needs
• tangible
• intangible

Intangible goods, such as a movie ticket or an insurance company.

• services
• goods
• wants
• services

Statistics that describe a population in terms of personal characteristics, such as income, age, and occupation.

• behavioristics
• demographics
• geographics
• psychographics

A combination of four basic marketing strategies: product, place, price, promotion.

• market segmentation
• marketing
• market
• marketing mix