Marketing Concepts

Wants

• Something that a person desires but could function without such as a new cell phone or vacation.

• A necessity that is essential for survival, like food and water.

• An obligation that must be fulfilled regardless of personal desire.

• A fleeting emotion that has no real impact on decision-making.

Marketing Mix

• A strategy for managing financial resources in a business.

• Describing a business’ marketing objectives and the strategies and tactics to achieve them.

• A method for analyzing market competition.

• A framework for product development and innovation.

Fashion Photographer

• A person who takes pictures of apparel designs and related accessories to promote sales.

• A professional who designs clothing and accessories.

• An individual who models clothing for promotional purposes.

• A stylist who coordinates outfits for photo shoots.

Product

• The goods or services a business offers, including decisions on quantities, sizes, packaging, warranties, brand names, image, and design.

• A marketing strategy focused on pricing and promotion.

• A financial plan for managing business expenses.

• A type of customer feedback mechanism.

Market

• Consists of customer-focused activities intended to generate a transaction.

• A place where goods are bought and sold.

• A type of financial investment.

• A strategy for increasing sales.

Needs

• Products that a customer sees as a luxury in life (jewelry, vacations, etc.).

• Products that a customer sees as a necessity in life (food, clothes, etc.).

• Products that are rarely purchased by customers (rare collectibles, etc.).

• Products that are only available online (e-books, streaming services, etc.).

Fashion Illustrator

• A person who produces drawings of apparel designs created by fashion designers.

• A professional who styles models for fashion shows.

• An individual who designs clothing patterns for manufacturers.

• A consultant who advises on fashion trends and styles.

Target Market

• Market that is designed to interest a specific group of people classified by gender or age.

• A market that includes all potential customers regardless of demographics.

• A market focused solely on high-income individuals.

• A market that targets only online consumers.

Price

• The markup, profit margin, discounts offered or list price versus selling price.

• The total cost of production including materials and labor.

• The amount charged for a product or service before any discounts.

• The price set by competitors in the market.

Demographics

• Qualities, such as age, gender, and income, of a specific group of people.

• The study of the physical features of a population.

• The analysis of economic trends in a specific region.

• The examination of cultural practices within a society.