Chapter 13 VOCAB Flashcards
The Art and Science of Marketing
the process of creating value for customers and building relationships with those customers in order to capture value back from them
marketing
marketing efforts to attract people and organizations to a particular geographic area
place marketing
identification and marketing of a social issue, cause, or idea to selected target markets
cause-related marketing
difference between a person’s actual state and his or her ideal state; provides the basic motivation to make a purchase
need
specific goods, services, experiences, or other entities that are desirable in light of a person’s experiences, culture, and personality
wants
act of obtaining a desired object or service from another party by offering something of value in return
exchange process
exchange of value between parties
transaction
power of a good or service to satisfy a human need
utility
approach to business management that stresses customer needs and wants, seeks long-term profitability, and integrates marketing with other functional units within the organization
marketing concept
a focus on developing and maintaining long-term relationships with customers, suppliers, and distribution partners for mutual benefit
relationship marketing
degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
customer loyalty
type of information system that captures, organizes, and capitalizes on all the interactions that a company has with its customers
customer relationship management (CRM)
the creation and sharing of product-related information among customers and potential customers
social commerce
the collection and analysis of information for making marketing decisions
marketing research
marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest
permission-based marketing
the delivery of marketing messages to people who are not aware that they are being marketed to; these messages can be delivered by either acquaintances or strangers, depending on the technique
stealth marketing
individuals or households that buy goods and services for personal use
consumer market
businesses, nonprofit organizations, and government agencies that purchase goods and services for use in their operations
organizational market
behavior exhibited by buyers as they consider, select, and purchase goods and services
customer buying behavior
tension that exists when a person’s beliefs don’t match his or her behaviors; a common example is buyer’s remorse, when someone regrets a purchase immediately after making it
cognitive dissonance
the process of examining an organization’s current marketing situation, assessing opportunities and setting objectives, and then developing a marketing strategy to reach those objectives
strategic marketing planning
selling more of a firm’s existing products into the markets it already serves
market penetration
creating new products for a firm’s current markets
product development
selling existing products to new markets
market development
creating new products for new markets
diversification
overall plan for marketing a product; includes the identification of target market segments, a positioning strategy, and a marketing mix
marketing strategy
a group of customers who need or want a particular product and have the money to buy it
market
division of a diverse market into smaller, relatively homogeneous groups with similar needs, wants, and purchase behaviors
market segmentation
a firm’s portion of the total sales in a market
market share
study of statistical characteristics of a population
demographics
classification of customers on the basis of their psychological makeup, interests, and lifestyles
psychographics
categorization of customers according to their relationship with products or response to product characteristics
behavioral segmentation
categorization of customers according to their geographical location
geographic segmentation
specific customer groups or segments to whom a company wants to sell a particular product
target markets
managing a business in a way designed to occupy a particular place in the minds of target customers
positioning
the four key elements of marketing strategy: product, price, distribution, and customer communication
marketing mix
bundle of value that satisfies a customer need or want
product
the amount of money charged for a product or service
price
systems for moving goods and services from producers to customers
distribution channels; also known as marketing channels
wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
promotion
