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
Environmental Scanning
Process of identifying the factors that can affect marketing success
Consumer Market
All individuals or households that want goods and services for personal consumption or use
Business to Business Market
Organizations selling goods or services to other organizations
Market Segmentation
Process of dividing the total market into groups whose members have similar characteristics
Target Market
Marketing directed towards those groups an organization decides it can serve profitably
Geographic Segmentation
Dividing market by geographic area
Demographic Segmentation
Dividing market by age, income and education level
Psychographic Segmentation
Dividing market using a groups values, attitudes and interests
Behavioural Segmentation
Dividing market based on behaviour towards a product
Marketing
A set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationships
Niche Marketing
Process of finding small but profitable market segments and designing or finding products for them
One to One Marketing
Develop a unique mix of goods and services for each individual customer
Mass Marketing
Developing products and promotions to please a large group of people
Relationship Marketing
Marketing strategy with the goal of keeping individual customers over time by offering product that exactly meets their needs
Niche Marketing
Process of finding small but profitable market segments and designing or finding products for them
One to One Marketing
Develop a unique mix of goods and services for each individual customer
Mass Marketing
Developing products and promotions to please a large group of people
Relationship Marketing
Marketing strategy with the goal of keeping individual customers over time by offering product that exactly meets their needs
