What is Marketing?

2. statistical data about a group of people
7. where goods and services are bought and sold
9. luxury products appeal to this human need
11. breaking down the entire market into various segments and planning marketing strategies for each segment in order to increase market share (2 words)
14. a group of customers who share common wants and needs
16. the most basic level of need according to Abraham Maslow
17. Market ______ is the process companies use to make a product or service stand out from its competitors in ways that provide unique value to the customer
19. love and ______ includes things like friendship and community
20. Market ______ is the strategic process that marketers use to determine the place or “niche” an offering should occupy in a given market relative to other customer alternatives
21. a category of market segmentation that focuses on how people act

1. a fundamental principle in business involving a focus on customer wants and needs (2 words)
3. the insurance industry exists because of this human need
4. something inevitable for the existence of life; many adverse things can occur without it.
5. the process of creating, promoting, and presenting a product or service to meet the wants and needs of consumers
6. the highest level of human need (2 words)
8. Market ______ is the practice of dividing your target market into approachable groups; creating subsets of a market based on demographics, needs, priorities, common interests, and other psychographic or behavioral criteria used to better understand the target audience
10. Psychologist who theorized the Hierarchy of Needs
12. segmenting a market according to where they are physicallylocated
13. what is created when our desires, needs, and wants are backed by our ability to pay
15. a way to segment people by characteristics such as values, lifestyle,attitudes, and interests
18. our desires and wishes in life