1.3

Vocabulary

Market- All the people who share similar needs and wants and who have the ability to purchase a given product.


Consumer Market- Consumers who purchase good and services for personal use.



Organization Market- Also called "Buisness to Buisness" this includes all buisnesses that buy products for use in their operations.


Market Share- A company's percentage of the total sales volume generated by all companies that compete in a given market.


Target Market- The group of people most likely to become customers identifying for a specific program.


Customer Profile- Information about the target market such as age, gende,r income level, marital status, ethnic background, geographic residence, attitudes, lifestyle, and behavior.


Marketing Mix- The four basic marketing strategies called the four P's: Product, Place, Price, and Promotion.

Consumer VS. Organizational Markets

Consumer Markets is for personal use. Organizational Markets is buisnesses buy it for use in their operations.


Target Markets

All Marketing strategies are based off of Target Markets.


Marketing Mix

Product- Choosing a product to make and sell.


Place- Choosing how and where to sell the product.


Price- Choosing the amount of money needed to exchange for the product.


Promotion- Choosing how to spread the word of thae new product.