Glossary 6.0

Front 1

A non-personal promotional message paid for by an identified sponsor utilizing media such as television, radio, magazines, newspapers, billboards, and direct mail.

Back 1

Advertising

Front 2

Dividing markets by identifying common responses to products and product features.

Back 2

Behavioral segmentation

Front 3

Dividing markets by characteristics people have in common.

Back 3

Demographic segmentation

Front 4

Dividing markets by where customers are located.

Back 4

Geographic segmentation

Front 5

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.

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Market

Front 6

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.

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Marketing

Front 7

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

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Marketing concept

Front 8

The combination of the four strategies for product/service, price, place and promotion – the 4 Ps of marketing.

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Marketing Mix

Front 9

The perceived standing of a business or a product in the minds of its customers as compared to the competition

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Market position

Front 10

The total amount of revenue that can potentially be generated in a specific industry or market.

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Market potential

Front 11

Dividing the total market into smaller, well-defined groups with similar wants and needs and similar key characteristics

Back 11

Market segmentation

Front 12

The percentage of the total sales revenue captured by a firm within a market or industry

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Market share

Front 13

Communication between a salesperson and a customer (or customers) intended to influence the customer’s buying decision.

Back 13

Personal selling

Front 14

Dividing markets by identifying common interests, attitudes, values, lifestyle, or personality traits among the individuals that constitute that market.

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Psychographic segmentation

Front 15

Activities designed to create a favorable image for the business, its products, or its policies.

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Public relations

Front 16

Information about a business or its products distributed through various media at no cost to the business and often not controlled by the business

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Publicity

Front 17

All promotional activities other than advertising, personal selling, publicity, and public relations designed to stimulate sales and sales effectiveness.

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Sales promotion

Front 18

The group or groups of potential customers who have been identified as those most likely to patronize the business and/or buy the product

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Target market

Front 19

Identifying market segments with the greatest potential for sales and focusing marketing decisions on satisfying the individuals that make up these segments.

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Target marketing

Front 20

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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Warranty