General Marketing/Business Terms

Marketing

• Satisfying customer needs and wants while achieving profit for a company
• Goods, services & ideas
• Distribution, or getting the product from one place to another
• Amount of money requested for a product

Marketing Mix

• Product, Place, Price, and Promotion
• Distribution, or getting the product from one place to another
• Amount of money requested for a product
• Process of communicating with potential customers to influence their buying behavior

Product

• Goods, services & ideas
• Amount of money requested for a product
• Process of communicating with potential customers to influence their buying behavior
• Combination of elements used in a promotional campaign: Personal Selling, Advertising, Sales Promotion, Public Relations

Place

• Distribution, or getting the product from one place to another
• Process of communicating with potential customers to influence their buying behavior
• Combination of elements used in a promotional campaign: Personal Selling, Advertising, Sales Promotion, Public Relations
• Marketing activities promoting goodwill between a company and consumers

Price

• Amount of money requested for a product
• Combination of elements used in a promotional campaign: Personal Selling, Advertising, Sales Promotion, Public Relations
• Marketing activities promoting goodwill between a company and consumers
• Specific group of customers whose needs and wants a company will focus on satisfying

Promotion

• Process of communicating with potential customers to influence their buying behavior
• Marketing activities promoting goodwill between a company and consumers
• Specific group of customers whose needs and wants a company will focus on satisfying
• Qualities of a specific group of people including age, gender, income, ethnicity, education level, occupation, marital status, and family size

Promotional Mix

• Combination of elements used in a promotional campaign: Personal Selling, Advertising, Sales Promotion, Public Relations
• Specific group of customers whose needs and wants a company will focus on satisfying
• Qualities of a specific group of people including age, gender, income, ethnicity, education level, occupation, marital status, and family size
• A route a product takes from producer to consumer

Public Relations

• Marketing activities promoting goodwill between a company and consumers
• Qualities of a specific group of people including age, gender, income, ethnicity, education level, occupation, marital status, and family size
• A route a product takes from producer to consumer
• Handling the activities involved in getting products through different routes from producers to customers

Target Market

• Specific group of customers whose needs and wants a company will focus on satisfying
• A route a product takes from producer to consumer
• Handling the activities involved in getting products through different routes from producers to customers
• Gathering and analyzing information about markets, customers, industry trends, new technology, and competing businesses

Demographics

• Qualities of a specific group of people including age, gender, income, ethnicity, education level, occupation, marital status, and family size
• Handling the activities involved in getting products through different routes from producers to customers
• Gathering and analyzing information about markets, customers, industry trends, new technology, and competing businesses
• Analyzing the potential of different marketplaces to create strategies to target a specific market