Understanding Business 10th Edition – 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: customer orientation, service orientation and 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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Marketing 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 of 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 motivate 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.
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Focus group
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A small group of people who meet under the directions 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 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 an organization decides it can serve profitably.
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Geographic segmentation
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Dividing a market by cities, counties, 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 which benefits of the product to talk about.
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Volume 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.
