Marketing

Question 1

Customer relationship management (CRM)

Answer 1

Learning as much aspossible about customers and doing everything you can to satisfy orexceed their expectations.

Question 2

Marketing Mix

Answer 2

The ingredients that go into a marketing program; alsoknown as the four Ps:1. Product.2. Price.3. Place.4. Promotion.

Question 3

Marketing Research

Answer 3

The analysis of markets to determine opportunities andchallenges, and to find the information needed to makegood decisions.

Question 4

Focus group

Answer 4

A small group of people who meet under the directionof a discussion leader to communicate opinions.

Question 5

Consumer market

Answer 5

All the individuals orhouseholds that want goods and services forpersonal consumption or use

Question 6

Market segmentation

Answer 6

Dividing the total market intogroups whose members have similar characteristics.

Question 7

Target marketing

Answer 7

Marketing directed toward thosegroups an organization decides it can serve profitably.

Question 8

Geographic segmentation

Answer 8

Dividing the market bycities, states, or regions.

Question 9

Demographic segmentation

Answer 9

Dividing the market byage, income, and education level

Question 10

Psychographic segmentation

Answer 10

Dividing the marketusing the group’s values, attitudes, and interests.

Question 11

Benefit segmentation

Answer 11

Dividing the market bydetermining which benefits of the product to talk about.

Question 12

Volume (or usage) segmentation

Answer 12

Dividing the marketusage (volume of use)

Question 13

Niche marketing

Answer 13

Finding small but profitable marketsegments and designing or finding products for them.

Question 14

One-to-one marketing

Answer 14

Developing a unique mix ofgoods and services for each individual consumer