Discrimination laws - Answers--prohibit discrimination in employment based on race,
gender, religion, etc
-increases fairness
Target Market - Answers-Specific group of customers who should be interested in your
product, have access to it, and have the means to buy it.
Consumer Market - Answers-System that allows us to purchase products, goods, and
services.
-you make your own decisions about how you will spend your money
Industrial Market - Answers-organizational market consisting of firms that buy goods
that are either converted into products or used during production
marketing strategy steps - Answers-1. defining the target market
2.determining the strategic positioning
3. developing an appropriate marketing mix for each target market
Market Segmentation - Answers-Dividing a market into distinct groups of buyers who
have different needs, characteristics, or behaviors, and who might require separate
products or marketing programs
, demographic - Answers-having certain characteristics in common, such as age, race, or
gender
Geographic - Answers-of or relating to the natural features, population, industries, etc.
of a region
Behavioral Market Segmentation - Answers-The process of performing market
segmentation utilizing user status, usage rate, or some other measure of product
consumption.
Psychographic - Answers-interests, activities, attitudes and values
4 P's of Marketing - Answers-Product, Price, Place, Promotion
skimming pricing - Answers-setting the highest initial price that customers really desiring
the product are willing to pay
penetration pricing - Answers-a pricing strategy in which a firm introduces a new product
at a very low price to encourage more customers to purchase it
cost-plus pricing - Answers-a method of setting prices in which the seller totals all the
costs for the product and then adds an amount to arrive at the selling price
Just-In-Time Planning - Answers-an inventory strategy companies employ to increase
efficiency and decrease waste by receiving goods only as they are needed in the
production process, reducing inventory costs
customer relationship marketing - Answers-using marketing activities to establish
successful customer relationships so that existing customer loyalty can be maintained
Promotional Mix - Answers-the combination of promotional tools—including advertising,
public relations, personal selling, sales promotion, and social media—used to reach the
target market and fulfill the organization's overall goals
publicity - Answers-public information about a company, product, service, or issue
appearing in the mass media as a news item
Advertising - Answers-any paid form of nonpersonal presentation and promotion of
ideas, goods, or services by an identified sponsor
personal selling - Answers-The two-way flow of communication between a buyer and a
seller that is designed to influence the buyer's purchase decision.
sales promotion - Answers-Short-term incentives to encourage the purchase or sale of a
product or service
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