Marketing Unit 1 Vocabulary Worksheet

A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying customer wants and needs while achieving company goals
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
A marketing function that involves identifying, selecting, monitoring, and evaluating sales channels
A marketing function that involves creating strategies to attract the customer to a business, including setting goals, selecting target markets, creating budgets, forecasting sales, and performing analyses
A marketing function that involves determining and adjusting prices to maximize return and meet customers' perceptions of value
A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome
A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions
An objective or want that you plan to fulfill; a statement that clearly describes a task to be accomplished
The combination of the four elements of marketing--product, place, promotion, and price
Marketing element focusing on considerations in getting a selected product in the right place at the right time
Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products
Marketing element referring to what goods, services, or ideas a business will offer its customers
Marketing element referring to the various types of communications that marketers use to inform, persuade, or remind customers of their products
Plans of action for achieving goals and objectives
Specific actions that will be used to carry out strategies
The division of a market on the basis of customers' responses to a product
The division of a market on the basis of its physical and social characteristics
The division of a market on the basis of where customers are located
A customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire
The division of a total market into smaller, more specific groups
One of the groups into which the total market is divided
Designing products and directing marketing activities to appeal to the whole market; also known as undifferentiated marketing
The division of a market on the basis of customers' lifestyles and personalities
he particular group of customers a business seeks to attract
An approximation of data; an educated guess