| Term | Definition |
|---|
| Advertising | A non-personal promotional message paid for by an identified sponsor utilizing media such as television, radio, magazines, newspapers, billboards, and direct mail. |
| Behavioral Segmentation | Dividing markets by identifying common responses to products and product features. |
| Demographic Segmentation | Dividing markets by characteristics people have in common. |
| Geographic Segmentation | Dividing markets by where customers are located. |
| Market | The group of potential customers who have similar needs and wants, sufficient buying power, and the willingness to give up a portion of that buying power in order to buy a product or service. |
| Marketing | 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 objectives. |
| Marketing Concept | The philosophy that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired products/services more effectively and efficiently than competitors do. |
| Marketing Mix | The combination of the four strategies for product/service, price, place and promotion – the 4 Ps of marketing. |
| Market Position | The perceived standing of a business or a product in the minds of its customers as compared to the competition. |
| Market Potential | The total amount of revenue that can potentially be generated in a specific industry or market. |
| Market Segmentation | Dividing the total market into smaller, well-defined groups with similar wants and needs and similar key characteristics. |
| Market Share | The percentage of the total sales revenue captured by a firm within a market or industry. |
| Personal Selling | Communication between a salesperson and a customer (or customers) intended to influence the customer's buying decision. |
| Psychographic Segmentation | Dividing markets by identifying common interests, attitudes, values, lifestyle, or personality traits among the individuals that constitute that market. |
| Public Relations | Activities designed to create a favorable image for the business, its products, or its policies. |
| Publicity | Information about a business or its products distributed through various media at no cost to the business and often not controlled by the business |
| Sales Promotion | All promotional activities other than advertising, personal selling, publicity, and public relations designed to stimulate sales and sales effectiveness. |
| Target Market | The group or groups of potential customers who have been identified as those most likely to patronize the business and/or buy the product. |
| Target Marketing | Identifying market segments with the greatest potential for sales and focusing marketing decisions on satisfying the individuals that make up these segments. |
| Warranty | Assurance by the seller that the product is as it is represented to be or that it will be as it is promised to be. |
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