BUS 100 - Ch 13
Terms
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- marketing
- conception, promotion, and distribution of goods/services
- marketing concept
- a three part philosophy: customer orientation, service orientation, and profit orientation
- customer relationship management (CRM)
- process of learning about the customer and satisfying them
- marketing mix
- the ingredients of a marketing program (the 4 P's: product, price, place, promotion)
- product
- any good, service, or idea
- test marketing
- process of testing products among potential users
- brand name
- word/letter that differentiates one seller's goods from competitors
- marketing research
- analysis of markets to determine opportunities and challenges
- secondary data
- information that has been published in journals, books, etc.
- primary data
- data that you gather yourself
- focus group
- small group of people who meet to discuss a product/organization
- environmental scanning
- process of identifying factors that can affect marketing success
- consumer market
- individuals/households that want goods/services for personal use
- business-to-business market (B2B)
- individuals/organizations that want goods/services to use in producing other, or to sell/rent
- market segmentation
- process of dividing the total market into smaller groups
- target marketing
- marketing directed to groups that an organization can serve profitably
- geographic segmentation
- dividing the market by geographic area
- demographic segmentation
- dividing the market by age, income, education level, etc
- 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/usage segmentation
- dividing the market by volume of usage
- niche marketing
- process of finding small but profitable market segments
- one-to-one marketing
- developing a unique mix of products for individual customers
- mass marketing
- developing products to please large groups of people
- relationship marketing
- marketing strategy with the goal of keeping individual customers over time