Chapter 13 Flashcards
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at larger
Marketing
A three-part business philosophy
- a customer orientation
- a service orientation
- a profit orientation
Marketing Concept
The process of learning as much as possible about customers and doing everything you can to satisfy them-or even exceed their expectations-with goods and services
Customer Relationship Management (CRM)
The ingredients that go into a marketing program: product, place, price, promotion
Marketing Mix
Any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand
Product
The process of testing products among potential users
Test Marketing
A word, letter or group of words or letters that differentiates one seller’s goods and services from those of competitors
Brand Name
All the techniques sellers use to inform people about and motivate them to buy their products and services
Promotion
The analysis of markets to determine opportunities and challenges and to find the information needed to make good decisions
Marketing Research
Information that has already been compiled by others and published in journals and books or made available online
Secondary Data
Data that you gather yourself (not from secondary sources such as books and magazines)
Primary Data
A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products or other given issues
Focus Group
The process of identifying the factors that can affect marketing success
Environmental Scanning
All the individuals or households that want goods and services for personal consumption or use
Consumer Market
All the individuals and organizations that want goods and services to use in producing other goods and serves or to sell, rent, or supply goods to others
Business-to-Business (B2B) Market
The process of dividing the total market into groups whose members have similar characteristics
Market Segmentation
Marketing directed toward those groups (market segments) an organization decides it can serve profitably
Target Marketing
Dividing a market by cities, countries, states, or regions
Geographic Segmentation
Dividing the market by age, income, and education level
Demographic Segmentation
Dividing the market using groups’ values, attitudes, and interests
Psychographic Segmentation
Dividing the market by deterring which benefits of the product to talk about
Benefit Segmentation
Dividing the market by usage (volume of use)
Volume (or usage) Segmentation
The process of finding small but profitable market segments and designing or finding products for them
Niche Marketing
Developing a unique mix of goods and services for each individual customer
One-to-One Marketing
Developing products and promotions to please large groups of people
Mass Marketing
Marketing strategy with the goal of keeping individual customers over time b offering them products that exactly meet their requirements
Relationship Marketing
