Where it is important to know about the marketing terms, here definition is marketing is also important to know. Marketing can be defined as “The set of activities that facilitates creation, promotion or provision of goods. Also services from point of manufacturing to final consumers is referred to as marketing”. Definition of marketing can be “the process of planning and executing design, promotion, pricing and distribution of goods, services. Also ideas to make exchanges that satisfy objectives of individuals as well as organizations”. Marketers are regarded as Managers of Demand. So it is necessary for them to have knowledge about various aspects, not simply about their own product.
Basic Marketing Terms – Key terms of Marketing
Below mentioned is the list of most commonly used marketing that can be seen freely everywhere in the world. These marketing terms are used in the same way all over the world.
There are many facets of this Marketing Terms consumers. In business perspective a person who directly derives the utility of the product is referred to as a consumer. Every consumer possesses some budget and it is their desire to obtain maximum utility from that budget. Therefore it is the effort of the marketer to understand the choices, preferences, interests and sensitivity of the consumer in order to make his utility higher. Even though it is quite important to study the consumer behavior in detail. So that the consumers are better educated about the products of the organization that can increase their utilities.
Customer is that individual who decides the purchasing of a particular product in the market. It is not necessary that every customer should also be a consumer of that product. Sometimes the customer purchasing a particular product is different from the consumer of that product. In addition the main point is that the customer always makes the purchasing decision. For example, a certain housewife purchases soaps for her household. Hence she is a customer of that product and the entire family is the consumer of that product.
There are two types of customers which are as follows:
Internal Customer: Those customers of the organization who work in it are regarded as internal customers.
External Customer: All those customers that are outsiders of the organization like, individuals, business people etc. are referred to as external customers.
The selling of goods and services to consumers like TV sets, toothpastes and soft drinks etc. is called the consumer market. Hence it requires much time in developing a successful superior brand image in consumer product marketing. For this purpose certain things need to be clearly understood by the marketer of the organization. Such as the product, target consumers, the brand positioning etc. All these considerations will help the marketers to develop number one position or number two.
The selling of goods and services to customers who are experienced in evaluation of offerings of competitors is covered in the area of business markets. Thus for proper dealing with business markets there are certain requirements like quality, brand reliability, sales force and prices and companies.
Global Market is the selling of goods and services beyond the frontier borders. So there are certain tough decisions that are faced by the marketers with respect to global marketing. For example a major undertaking is in the form of exports which give rise to certain issues like which country need to be considered? How to price? How to enter? And how to communicate? etc. Moreover there are certain other important matters to be considered by the organizations. Such as political situation, currency situation, legal system and styles of negotiation etc.
Non Profit and Governmental Markets
Key marketing terms include non profit and governmental markets which may take the form of missions, universities, charitable organizations etc. In case of government market tender for bids is called by the government for purchase. Furthermore there may also be another method of selling goods and services. Timely delivery, price and marketing the schedules are some of the important considerations that marketers face in this area. Moreover certain logistics should be considered by the marketers. Such as in-time offerings, participation in tender bids and meeting time schedules etc.
So following elements are included in the task environment which assists in the manufacturing distribution and promotion.
- Immediate actors
In broader environment following elements are considered:
- Natural environment
- Economic environment
- Demographic environment
- Political-legal environment
- Technological environment
- Socio-cultural environment
The marketer must decide about the Marketing Mix for the organization. Therefore marketing mix includes the following four elements.
In this aspect of marketing mix, following kinds of decision need to considered
- Product variety and range
Following sort of decisions are included in this category:
- Discount and conditions of discount
- List price
- Payment period
Following are important considerations of the place element of marketing mix.
Although it includes the following decisions.
- Direct marketing
- Public relations
Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
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