Marketing Chapter 1+2

study of internal and external factors that affect marketing stratigies

identifies target markets and sets marketing mix choices that focus on those markets

the projection of probable future sales in units or dollars

an expectation for performance that reflects the plan's objectives

the process of classifying people who form a given market into even smaller groups

people with different personal characteristics have different needs and interests

the money left after taking out taxes

income remaining after deduction of taxes, other mandatory charges and expenditure on necessary items.

people's needs vary depending on where they live

lifestyle has an impact on how money is spent

using a single marketing strategy to reach all customer

• channel management
• market planning
• marketing information
• product/service management
• promotion
• selling

a business should strive to satisfy customers needs while generating a profit for the firm.

a companies percentage of the total sales volume in a given composite market

consumers purchase goods and services for personal use and products for the use in their operations.

• information
• time
• form
• place
• possession

• market share
• customer profiles
• market segment
• target markets

• identifies target market
• sets marketing mix choices
• takes the consumers needs and wants
• takes the objectives of the marketing plan
• competitive advantage

• unemployment rate
• retail sales figure
• exchange rates
• consumer confidence
• productivity
• inflation

• objective
• single-minded
• specific
• realistic
• measurable
• time framed