Marketing Vocabulary – Flashcards
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Marketing
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The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objective
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Market mix
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the fundamental elements of marketing—product, price, place, and promotion (also called the 4Ps)
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Market concept
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The idea that you must satisfy a customers' needs and wants in order to make a profit
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Functions of market
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There are seven basic functions of marketing: Distribution, Financing, Marketing information management, Pricing, Product/service management, Promotion, and Selling
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Target market
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a specific group of people that are possible consumers of a product
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Market segment
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Analyzing a market by specific characteristics in order to create a target market
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Demographic
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Market segmentation based on a target market's personal characteristics. Includes: gender, age, income level, occupation, ethnic background, and education level
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Geographic
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Market segmentation based on where your target market lives. Includes: local markets, regional markets, national markets, and global markets
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Psychographic
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Market segmentation based on where your target market lives. Includes: local markets, regional markets, national markets, and global markets
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relationship marketing
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A strategy to build customer relations
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channel of distribution
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A pathway to direct products to consumers
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direct distribution
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Distribution of goods or services from the producer directly to the customer
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indirect distribution
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Distribution involving one or more intermediaries
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break-even point
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The point at which total revenues, or sales, equal total costs and expenses of making and distributing a product or service
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market
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a group of customers who are qualified to make purchases of products or services that a marketer is able to offer
