Ch. 6 & 7 Marketing Basics

A form of communication between you and your customers with the goal of selling your product or service to them. Communicating the value of your product or service is a key aspect of marketing.

• Marketing

• Customer Profile

• Marketing Strategy

• Demographics

Creating a name, symbol or design that identifies and differentiates a product from other products.

• Direct Competition

• Target Market

• Brand

• Marketing

The four basic marketing strategies called the four P's: Production, place, price, and promotion

• Indirect Competition

• Brand

• Marketing Mix

• Direct Competition

A plan of action designed to promote and sell a product or service

• Marketing Mix

• Customer Profile

• Target Market

• Marketing Strategy

Information about the market, such as age, gender, income level, marital status, ethnic background, geographic

residence, attitudes, lifestyle, and behavior.

• Customer Profile

• Target Market

• Psychographics

• Marketing

Statistics that describe a population in terms of personal characteristics, such as age, gender, income, marital status, and ethnic background.

• Customer Profile

• Demographics

• Psychographics

• Target Market

Grouping people with similar attitudes, interests, and opinions, as well as lifestyles and shared values.

• Psychographics

• Demographics

• Marketing

• Customer Profile

The group of people most likely to become customers, identified for a specific marketing program.

• Brand

• Marketing Mix

• Target Market

• Indirect Competition

Competitors are in the same line of business and they are offering the same product and service.

• Brand

• Direct Competition

• Indirect Competition

• Marketing Strategy

Businesses that offer slightly different products and services, but target the same group of customers with the goal of satisfying the same need

• Direct Competition

• Indirect Competition

• Customer Profile

• Marketing Mix