Chapter 14 Marketing Flashcards
Marketing concept
A three-part business philosophy: 1. a customer orientation
- a service orientation
- profit orientation
Marketing Orientation
Focusing efforts on 1. continuously collecting information about customer needs and competitors capabilities 2. Sharing this information throughout the organization 3. Using the information to create value, ensure customer satisfaction and develop customer relationships
Customer Relationship Management
Process of building longterm relationships with customers by delivering customer value and satisfaction
Social Media
Term given to websites and online tools that allow users to interact with each-other in some way by sharing information, opinions, knowledge and interests
Social Media Marketing
Promoting brands online
Marketing Mix
The ingredients that go into a marketing program: product, price, place and promotion
Product
Any physical good or service or idea that satisfies a want or need
Test Marketing
The process of testing products among potential users
Brand Name
A word, letter or group of words or letters that differentiates one sellers goods or services from those competitiors
Price
The money or other consideration exchanged for ownership or use of good or service
Promotion
All of the techniques sellers use to motivate customers tp buy their products
Marketing Research
The analysis of markets to determine opportunities and challenges and to find information needed to make good decisions
Secondary Data
Information that has already been compiled by others and published in journals and books or made available online
Primary Data
Data that you gather yourself
Focus Group
Small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products or other issues
