Chapter 11 Flashcards
Establishing long term mutually satisfying buyer seller relationships
Relationship marketing
The activity, set of institutions, and processes for creating communicating, delivering and exchanging offerings that have value for clarinets, clients, and society at large
Marketing
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
CRM
Customer relationship management
Measure of a customers worth to a business over ones lifetime
(Sales minus cost)
Costumer lifetime value
The ability of a good or a service to satisfy a human need
Utility
Utility created by converting production imputs into finished products
Form utility
Utility by making products available at a location where customers wish to purchase it
Place utility
Utility created by making a product available when customers wish to purchase it
Time utility
Utility created by transferring title of a product to a buyer
Possession utility
A business philosophy that a firm should provide goods and services that satisfy customers needs through a coordinated set of activities that allow the firm to achieve its objectives
Market concept
A group of individuals or organizations or both that need products in a given category and have the ability and willingness and authority to purchase them
Market
A plan that will enable an organization to make the Best use of it resources and advantages to meet its objectives
Marketing strategie
A combination of product price distribution and promotion developed to satisfy a particular target market
Marketing mix
A group of individuals or organizations or both for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group
Target market
Directing the entire marketing mix at the entire market for a particular product
Undifferentiated approach
A group of individuals or organizations within a market that share one or more common characteristics
Market segment
The process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than at the total market
Market segmentation
A wirtting document that specifies an organizations resources objectives strategie and Implementation and control efforts to be used in marketing a specific product or product group
Marketing plan
An estimate of the amount of a product that an organization e expects To sell during a certain period of time based on a specific level of marketing effort
Sales forecast
A system for managing marketing information that is gathered continually from internal and external sources
Marketing information system
The process of systematically gathering recording and analyzing data concerning a particular marketing problem
Marketing research
The decisions and actions of people involved in buying and using products
Buying behavior
The purchasing of products for personal or household use not for business purposes
Consumer buying behavior
The purchasing of products by producers resellers governmental units and institutions
Business buying behavior
The income an individual receives from all sources less the social security taxes the individual must pay
Personal income
Personal income less all additional personal taxes
Disposable income
Disposable income less savings and expenditures on food clothing and housing
Discretionary income
Eight major marketing functions
Buying Selling Transporting Storing Financing Standardization Risk taking Gathering
Marketing function that includes obtaining raw materials , knowing how much Merch. To have on hand and selecting suppliers.
Buying
Marketing function that creates possession utility by transferring the title of a product from seller to costumer
Selling
Marketing function that involves selecting a mode of transport that provides an acceptable delivery schedule at an acceptable price
Transporting
Marketing function that may be necessary to sell goods at the best selling time
Storing
Marketing function that helps at all stages of marketing.
Financing
Marketing function that sets uniform specifications for products or services. Grading classifies products by size and quantity
Standardization
Marketing function that is a constant reality of marketing because of the possibility of losses
Risk taking
Marketing function that is bessisar u for making all marketing decisions
Gathering
Consists of purchasers and or household members who intend to consume or benefit from the purchased products and who do not buy products to make profits
Consumer markets
Markets and their classifications
Are grouped broadly into producer reseller, governmental, and institutional categories
Business to business markets
Markets and their classifications
Four common bases for market segmentation
Demographic
Psychographic
Geographic
Behavioristic
