CH. 14 – Flashcard
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marketing
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set of business practices designed to plan for and present an organizations product or services in ways that build effective customer relationships
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marketing concepts
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3 part business strategy; 1. customer orientation, 2. service orientation, 3. profit orientation
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market orientation
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focusing efforts on; 1. collecting info about customers needs and competitors' capabilities, 2. sharing this info throughout the organization, 3. using info to create value, ensure customer satisfaction, and develop customer relationships
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CRM
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process of building long-term relationships with customers by delivering customer value and satisfaction
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social media
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websites and online tools that allow users to interact with each other in some way
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social media marketing
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consumer-generated online marketing efforts to promote brands and companies
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marketing mix
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marketing program: product, price, place, and promotion
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product
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any physical good, service, or idea that satisfies a want or need
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test marketing
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process of testing products among potential users
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brand name
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a word, letter, or group of words or letters that differentiates one seller's goods or services from those of competitors
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price
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money exchanged for the ownership or use of a good or service
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promotion
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all of the techniques sellers use to motivate customers to buy their products
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marketing research
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analysis of markets to determine opportunities and challenges, and to find the info needed to make good decisions
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secondary data
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info that has already been complied by others and published in journals and books or made available online
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primary data
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data that you collect yourself
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focus group
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small group who meet under the direction of a discussion leader to communicate their opinions about an organization, its product and other issues
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observation
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involves watching how people behave
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environmental scanning
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process of identifying factors that can affect marketing success
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consumer market
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individuals or households that want goods and services for personal consumption or use
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cause marketing
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when charitable contributions to a firm are tied directly to the customer revenues produced through the promotion of one of its products
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B2B marketing
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all 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
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market segmentation
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process of dividing the total market into groups with similar characteristics
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geographic segmentation
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dividing market by geographic area
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demographic segmentation
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dividing market by age, income, and education level
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psychographic segmentation
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dividing the market using groups values, attitudes, and interests
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behavioural segmentation
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dividing the market based on behaviour with or toward a product
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target marketing
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marketing or directing toward those groups an organization decides it can serve profitably
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mass marketing
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developing products and promotions to please large groups
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niche marketing
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process of finding small but profitable market segments and designing or finding products for them
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one-to-one marketing (micromarketing)
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developing a unique mix of goods and services for each individual customer
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product positioning
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place an offering occupies in customers' minds on important attributes to competitive products
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positioning statement
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express how a company wants to be perceived by customers
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relationship marketing
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marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements
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consumer behaviour
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marketing researchers investigate consumer thought processes and behaviour at each stage in a purchase to determine the best way to help the buyer buy
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green marketing
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selling products and/or services based on environmental benefits
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greenwashing
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business try to make themselves or their products look green without the action to back it up
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ethnic marketing
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combinations of the marketing mix that reflect unique attitudes, race or ancestry, communication preferences, and lifestyles of ethnic Canadians
