Chapter 13

Question 1

Customer Relationship Management (CRM)

Answer 1

learning as much as you can about customers and doing what you can to satisfy or exceed their expectations

Question 2

The Four P’s

Answer 2

Product-a good or service or idea that satisfies a consumers want or need
Price- depends on competitors, production cost, distribution
Plan-
Promotion - all the techniques sellers use to inform people about their products and motivate them to purchase those products

Question 3

marketing research

Answer 3

analyzing markets to determine challenges and opportunities and finding the information needed to make good decisions

Question 4

secondary data

primary data

Answer 4

secondary data-existing data that has previously been collected by sources like the government
primary data- in depth info gathered by marketers from their own research

Question 5

Focus Group

Answer 5

group of people who meet under directions of a discussion leader to communicate opinions

Question 6

Environmental Scanning

Answer 6

the process of identifying factors that affect marketing success

Question 7

Market Segmentation

Answer 7

divides the total market into groups with similar characteristics

Question 8

Geographic Segmentation
Demographic Segmentation 
Psychographic Segmentation
Benefit Segmentation
Volume (usage) Segmentation

Answer 8

Geographic- divides the market by cities, countries, states, or regions
Demographic- by age income education
Psychographic- values attributes and interests
Benefit- product benefits the consumer prefers
volume- volume of product use

Question 9

Niche Marketing-
One-to-One-
Mass Marketing-
Relationship Marketing-

Answer 9

Niche Marketing- identifies smal but profitable market segments
One-to-One- develops unique mix of goods and services for each individual
Mass Marketing- please large groups
Relationship Marketing- rejects the idea of mass production and focuses on custom made