Chapter 13-Business 101

benefit segmentation
dividing the market by determining which benefits of the product to talk about.
he activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
market concept
3 part business philosophy: customer orientation, service orientation, and profit orientation
customer orientation
Find out what consumers want and provide it for them
service orientation
Make sure everyone in the organization has the same objective: customer satisfaction. This should be a total and integrated organizational effort.
profit orientation
Focus on those goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs.
customer relationship management
the process of learning as much as possible about present customers and doing everything you can over time to satisfy them—or even to exceed their expectations—with goods and services.
marketing mix
the ingredients that go into a marketing program: product, place, price, and promotion
any physical good, service, or idea that satisfies a want or need, plus anything that would enhance the product in the eye of consumers, such as the brand name.
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
consists of 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 they need 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
a 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 factors that can affect marketing success.
consumer market
consists of all the individuals or households that want goods and services for personal consumption or use and have the resources to buy them.
business-to-business market (B2B
consists of 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 with similar characteristics
target marketing
Selecting which groups or segments an organization can serve profitably
geographic segmentation
Dividing a market by cities, counties, states, or regions
demographic segmentation
dividing the market by age, income and education level
psychographic segmentation
dividing the market using the group’s values, altitude and interests
benefit segmentation
Determining which product benefits your target market prefers and using those benefits to promote a product
volume segmentation
Separating the market by volume of product use is called
Niche marketing
identifying 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.
Mass marketing
developing products and promotions to please large groups of people.
Relationship marketing
tends to lead away from mass production and toward custom-made goods and services. The goal is to keep individual customers over time by offering them new products that exactly meet their requirements.

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