Understanding Business Chapter 13 Flashcards
Marketing
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.
Marketing Concept
A three-part business philosophy: (1) a customer orientation. (2) a service orientation. and (3) a profit orientation.
Customer Relationship Management (CRM)
The process of learning as much as possible about customers and doing everything you can to satisfy them - or even exceed their expectations - with goods and services.
Marketing Mix
The ingredients that go into a marketing program: product. price. place. and promotion.
Product
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.
Test Marketing
The process of testing products among potential users.
Brand Name
A word. letter. or group of words or letters that differentiates one seller’s goods and services from those of competitors.
Promotion
All the techniques sellers use to inform people about and motivate them to buy their products or services.
Marketing Research
The analysis of markets to determine opportunities and challenges. and to find the 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 (not from secondary sources such as books and magazines).
Focus Group
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.
Environmental Scanning
The process of identifying the factors that can affect marketing success.
Consumer Market
All the individuals or households that want goods and services for personal consumption or use.
Business-to-Business (B2B) Market
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.
Market Segmentation
The process of dividing the total market into groups whose members have similar characteristics.
Target Marketing
Marketing directed toward those groups (market segments) an organization decides it can serve profitably.
Geographic Segmentation
Dividing a market by cities. counties. states. or regions.
Demographic Segmentation
Dividing the market by age. income. education level.
Psychographic Segmentation
Dividing the market using the group’s values. attitudes. and interests.
Benefit Segmentation
Dividing the market by determining which benefits of the product to talk about.
Volume ( or usage) Segmentation
Dividing the market by usage (volume of use).
Niche Marketing
The process of finding small but profitable market segments and designing or finding products for them.
One-to-One Marketing
Developing a unique mix of goods and services for each individual customer.
