Ch11

Question 1

Marketing

Answer 1

Marketing The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Question 2

Marketing concept

Answer 2

A 3 part businesses philosophy: 1) customer orientation, 2) Service orientation, and 3) Profit orientation

Question 3

Custom relationship management (CRM)

Answer 3

The process of learning as much as possible about present customers and doing everything you can over time to satisfy them or even exceed their expectations with goods and services

Question 4

Marketing Mix

Answer 4

4 factors that go into marketing: product, price, place, promotion

Question 5

Product

Answer 5

Any physical goods, service,or idea the satisfy a want or need, plus anything else enhance the product to the customers, such as brand name.

Question 6

Test marketing

Answer 6

Process of testing product among potential users

Question 7

Brand name

Answer 7

A word, letter, or group of words or letters that differentiate one seller’s goods and services from competitors

Question 8

Promotion

Answer 8

Techniques sellers use to inform people about, and motivate them to buy their products or services

Question 9

Marketing research

Answer 9

Analyze markets to determine opportunities and challenges and to find the information need to make a good decision

Question 10

Secondary data

Answer 10

Info that has already been compiled by others and published in journals, books, or online materials

Question 11

Primary data

Answer 11

Data you gather yourself

Question 12

Focus group

Answer 12

Group of people who meet under the direction of a discussion leader of communicating their opinions about an organization, its products, or other given issues

Question 13

Environmental scanning

Answer 13

The process of identifying factors that can effect marketing success

Question 14

Consumer market

Answer 14

All the individuals or households that want goods and services for personal consumption or use, and have the resources to buy them

Question 15

Business-to-business (B2B) market

Answer 15

All the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent or supply goods to others

Question 16

Market segmentation

Answer 16

Process of dividing total market into groups with similar characteristic

Question 17

Target marketing

Answer 17

Selecting which group segments an organization can serve profitably

Question 18

Geographic segmentation

Answer 18

Dividing the market by cities, countries, states, or regions

Question 19

Demographic segmentation

Answer 19

Dividing the market by age, income, and education level

Question 20

Psychographic segmentation

Answer 20

Dividing the market using the group’s values, attitudes, and interests

Question 21

Benefit segmentation

Answer 21

Dividing the market by determining which benefits of the product talk about

Question 22

Volume (usage) segmentation

Answer 22

Dividing the market by usage(volume of use)

Question 23

Niche marketing

Answer 23

Identifying small but profitable market segments and designing or finding products for them

Question 24

One-to-one marketing

Answer 24

Developing a mix of goods services for each individual customer

Question 25

Mass marketing

Answer 25

Developing products and promotions to please large groups of people

Question 26

Relationship marketing

Answer 26

Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements