fundamentals of marketing handout – Flashcards
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Marketing
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the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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Marketing Mix
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mix of variables marketers control to influence a business' success; the four Ps: price, product, place, promotion
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Marketing Plan
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document which outlines a business's marketing problems and how they will be addressed and solved
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Mass Marketing
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marketing aimed at the masses without consideration of differences among them
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Market Segmentation
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division of the mass market based on shared characteristics
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Target Market
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specific group for which a business's products, services and marketing efforts are intended
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Market Research
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organized effort to gather and interpret information about a market
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Secondary Research
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past research which has already been performed and often already published
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Primary Research
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research done firsthand for the first time
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Qualitative Research
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exploratory, in-depth research involving flexible, open-ended questions; includes: interviews, observation and focus groups
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Quantitative Research
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structured research which uses the scientific method and standardized questions to make generalizations and predictions; includes: questionnaires, surveys and experiments
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Marketing Information System
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system for gathering and organizing marketing information used in decisionmaking
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Goals
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broad, long-term expectations for future achievements
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Objectives
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specific, measurable, short-term expectations
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Strategies
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statements describing the overall approach to how goals and objectives will be achieved
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Tactics
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specific actions which advance the strategy and achieve an end result
