Chapter 13: Marketing: Helping Buyers Buy

Question 1

benefit segmentation

Answer 1

Dividing the market by determining which benefits of the product to talk about.

Question 2

brand name

Answer 2

A word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors.

Question 3

business-to-business (B2B) market

Answer 3

All the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others.

Question 4

consumer market

Answer 4

All the individuals or households that want goods and services for personal consumption or use and have the resources to buy them.

Question 5

customer relationship management (CRM)

Answer 5

The process of learning as much as possible about customers and doing everything you can over time to satisfy them—or even exceed their expectations—with goods and services.

Question 6

demographic segmentation

Answer 6

Dividing the market by age, income, and education level.

Question 7

environmental scanning

Answer 7

The process of identifying the factors that can affect marketing success.

Question 8

focus group

Answer 8

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.

Question 9

geographic segmentation

Answer 9

Dividing the market by cities, counties, states, or regions.

Question 10

marketing

Answer 10

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Question 11

marketing concept

Answer 11

A three-part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation.

Question 12

marketing mix

Answer 12

The ingredients that go into a marketing program: product, price, place, and promotion.

Question 13

marketing research

Answer 13

The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions.

Question 14

market segmentation

Answer 14

The process of dividing the total market into groups whose members have similar characteristics.

Question 15

mass marketing

Answer 15

Developing products and promotions to please large groups of people.

Question 16

niche marketing

Answer 16

The process of finding small but profitable market segments and designing or finding products for them.

Question 17

one-to-one marketing

Answer 17

Developing a unique mix of goods and services for each individual customer.

Question 18

primary data

Answer 18

Data that you gather yourself (not from secondary sources such as books and magazines).

Question 19

product

Answer 19

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 name.

Question 20

promotion

Answer 20

All the techniques sellers use to inform people about and motivate them to buy their products or services.

Question 21

psychographic segmentation

Answer 21

Dividing the market using the group’s values, attitudes, and interests.

Question 22

relationship marketing

Answer 22

Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.

Question 23

secondary data

Answer 23

Information that has already been compiled by others and published in journals and books or made available online.

Question 24

target marketing

Answer 24

Marketing directed toward those groups (market segments) an organization decides it can serve profitably.

Question 25

test marketing

Answer 25

The process of testing products among potential users.

Question 26

volume (or usage) segmentation

Answer 26

Dividing the market by usage (volume of use).