Business 101: Chapter 13 – Flashcards
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marketing
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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.
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marketing concept
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a three-part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation
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customer relationship management (CRM)
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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
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market mix
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the ingredients that go into a 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 plus anything that would enhance the product in the eyes if consumers, such as the brand
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test marketing
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the 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 and services from those of competitors
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promotion
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all the techniques sellers use to inform people about and motivates them to buy their products or services
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marketing research
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the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions.
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secondary data
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information that has already been compiled 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 gather yourself (not from secondary sources such as books and magazines)
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focus group
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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
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environmental scanning
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the process of identifying the factors that can affect marketing success
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consumer market
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all the individuals or households that want goods and services for personal consumption or use
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business-to-business (B2B) market
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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
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market segmentation
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the process of dividing the total market into groups whose members have similar characteristics
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target marketing
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marketing directed toward those groups (market segments) an organization decides it can serve profitably
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geographic segmentation
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dividing a market by cities, countries, states, or regions
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demographic segmentation
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dividing the 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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benefit segmentation
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dividing the market by determining the market by determining which benefits of the product to talk about
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volume (or usage) segmentation
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dividing the market by usage (volume of use)
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niche marketing
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the process of finding small but profitable market segments and designing or finding products for them
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one-to-one marketing
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developing a unique mix of goods and services for each individual customer
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mass marketing
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developing products and promotions to please large groups of people
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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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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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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
