Chapter 11 Flashcards
Affinity Program
marketing effort sponsored by an organization that solicits involvement by individuals who share common interests and activities.
Big Data
information collected in massive amounts and at unprecedented speed from both traditional and digital sources that is used in business decision making; complex structured or unstructured sets of information that traditional processing applications are unable to analyze.
Business (B2B) Product
good or service purchased to be used, either directly or indirectly, in the production of other goods for resale.
Business Intelligence
activities and technologies for gathering, storing, and analyzing data to make better competitive decisions.
Cobranding
cooperative arrangement in which two or more businesses team up to closely link their names on a single product.
Comarketing
cooperative arrangement in which two businesses jointly market each other’s products.
Consumer (B2C) Product
good or service that is purchased by end users.
Consumer Behavior
actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions.
Data Mining
the task of using computer-based technology to evaluate data in a database and identify useful trends.
Data Warehouse
customer database that allows managers to combine data from several different organizational functions.q
Demographic Segmentation
distinguishes markets on the basis of various demographic or socioeconomic characteristics.
End-Use Segmentation
marketing strategy that focuses on the precise way a B2B purchaser will use a product.
Environmental Scanning
analysis of external environmental factors by marketers to understand how they impact business and marketing decisions.
Exchange Process
activity in which two or more parties give something of value to each other to satisfy perceived needs.
Frequency Marketing
marketing initiative that rewards frequent purchases with cash, rebates, merchandise, or other premiums.
Geographical Segmentation
dividing a market into homogeneous groups on the basis of their locations.
Lifetime Value of a Customer
revenues and intangible benefits (referrals and customer feedback) from a customer over the life of the relationship, minus the amount the company must spend to acquire and serve that customer.
Marketing
activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing Concept
company-wide consumer orientation to promote long-run success.
Marketing Mix
blending of the four elements of marketing strategy—product, distribution, promotion, and pricing—to fit the needs and preferences of a specific target market.
Marketing Research
collecting and evaluating information to help marketers make effective decisions.
Market Segmentation
process of dividing a total market into several relatively homogeneous groups.
Ownership Utility
orderly transfer of goods and services from the seller to the buyer; also called possession utility.
Place Utility
availability of a product in a location convenient for customers.
Product-Related Segmentation
dividing consumer markets into groups based on buyers’ relationships to the good or service.
Psychographic Segmentation
dividing consumer markets into groups with similar psychological characteristics, values, and lifestyles.
Relationship Marketing
developing and maintaining long-term, cost-effective exchange relationships with partners.
Target Market
group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences.
Time Utility
availability of a good or service when customers want to purchase it.
Utility
power of a good or service to satisfy a want or need.
