Chapter 1 Flashcards
What makes a consumer choose one product over another?
Benefits, price, quality, communications, convenience, sponsorships, personal preference
creating interest, attention or admiration in a powerfully, irresistible way
compelling
Product, distribution, price, and promotion
the marketing mix
impacts ability to attract and retain customers
customer service
forecasts a customer’s ;lifetime economic contribution based on continued relationship marketing efforts
customer lifetime value
a market you choose that has a desire to purchase your products
target market
individuals, organizations, or groups that purchase a specific kind of product for resale
business market
strategy used to select a target market is affected by
target market characteristics, product attributes, the organizations objectives and resources
focuses on a certain market
concentrated strategy
a strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product
undifferentiated strategy
