Marketing Essentials Chapter 1.3 vocabulary – Flashcards
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Market
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All people who share similar needs and wants and who have the ability to purchase a given product.
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Consumer Market
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Consists of consumers who purchase goods and services for personal use.
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Organizational Market
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Also known as the business to business market (B2B) includes all businesses that buy products for use in their operations.
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Market Share
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A company's percentage of the total sales volume generated by all companies that compete in a given market.
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Market Segmentation
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Involves segmenting or breaking down, the market into smaller groups that have similar characteristics.
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Target Market
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The group that is identified for a specific marketing program.
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Customer profile
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Lists information about the target market, such as age, gender, income level, marital status, ethnic background, geographic residence, attitudes, lifestyles, and behavior.
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Marketing Mix
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Includes the four basic marketing strategies called the four P's; product, price, place, and promotion.
