Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Basic Marketing Terms
Document related concepts
Brand equity wikipedia , lookup
First-mover advantage wikipedia , lookup
Market penetration wikipedia , lookup
Customer experience wikipedia , lookup
Customer relationship management wikipedia , lookup
Market segmentation wikipedia , lookup
Pricing strategies wikipedia , lookup
Sales process engineering wikipedia , lookup
Consumer behaviour wikipedia , lookup
Social media marketing wikipedia , lookup
Bayesian inference in marketing wikipedia , lookup
Affiliate marketing wikipedia , lookup
Segmenting-targeting-positioning wikipedia , lookup
Food marketing wikipedia , lookup
Customer engagement wikipedia , lookup
Neuromarketing wikipedia , lookup
Product planning wikipedia , lookup
Marketing communications wikipedia , lookup
Sports marketing wikipedia , lookup
Marketing research wikipedia , lookup
Ambush marketing wikipedia , lookup
Target audience wikipedia , lookup
Digital marketing wikipedia , lookup
Multi-level marketing wikipedia , lookup
Youth marketing wikipedia , lookup
Viral marketing wikipedia , lookup
Guerrilla marketing wikipedia , lookup
Marketing channel wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Target market wikipedia , lookup
Marketing plan wikipedia , lookup
Direct marketing wikipedia , lookup
Advertising campaign wikipedia , lookup
Multicultural marketing wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Sensory branding wikipedia , lookup
Marketing strategy wikipedia , lookup
Green marketing wikipedia , lookup
Transcript
Objective 1.01 Strategic Marketing 1 Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing mix. Basic Marketing Terms 2 There are nine basic marketing terms that should be introduced before moving on to further understanding of marketing concepts. These terms are: -Marketing -Consumer -Needs -Customer -Wants -Goods -Market -Services -Target market Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing mix. Basic Marketing Terms, cont.. Marketing: – – – 3 The process of developing, promoting, pricing, selling, and distributing products to satisfy customer’s wants and needs. Marketing involves all the activities necessary to get a product from the manufacturer to the consumer. The goal of marketing is to attract new customers and create a lasting relationship through customer satisfaction. Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing mix. Basic Marketing Terms, cont.. 4 Needs: A necessity for living. Wants: Products that are not necessities, but are simply desired by the consumer. Market: The group of potential buyers. Target Market: The group of consumers a business desires to have as customers. Consumer: The person who uses the product. Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing mix. Basic Marketing Terms, cont.. 5 Customer: The person who purchases the product. In many cases, the customer is also the consumer. Goods: Tangible items that satisfy customer’s needs and wants. Services: Intangible items that satisfy customer’s needs and wants. Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing mix. The Marketing Mix The marketing mix is a combination of decisions a business makes in order to best reach its target market. The marketing mix is also referred to as the “four Ps”: – Product - Include both goods and services. – Price – The amount a business charges for a product. – Place – Having the product available at the right time at the location. Also known as distribution or logistics. – Promotion – Informing and reminding customers of products available to them and persuading them to purchase. Promotion consists of advertising, public relations, sales promotion, and personal selling. 6 Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing mix.
