ch. 12
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Created by:
esteeamodel on May 4, 2012
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27 terms
Terms | Definitions |
|---|---|
 business buying behavior | the purchasing of products by producers, resellers, governmental units, and institutions |
| buying behavior | the decisions and actions of people involved in buying and using products |
| consumer buying behavior | the purchasing of products for personal or household use, not for business purposes |
| customer lifetime value | a combination of purchase frequency, average value of purchases, and brand-switching patterns over the entire span of a customer's relationship with a company |
| customer relationship management (CRM) | using information about customers to create marketing strategies that develop and sustain desirable customer relationships |
| discretionary income | disposable income less savings and expenditures on food, clothing, and housing |
| disposable income | personal income less all additional personal taxes |
| form utility | utility created by converting production inputs into finished products |
| market | a group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase such products |
| market segment | a group of individuals or organizations within a market that shares one or more common characteristics |
| market segmentation | the process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than at the total market |
| marketing | 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 |
| marketing concept | a business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allows the firm to achieve its objectives |
| marketing information system | a system for managing marketing information that is gathered continually from internal and external sources |
| marketing mix | a combination of product, price, distribution, and promotion developed to satisfy a particular target market |
| marketing plan | a written document that specifies an organization's resources, objectives, strategy, and implementation and control efforts to be used in marketing a specific product or product group |
| marketing research | the process of systematically gathering, recording, and analyzing data concerning a particular marketing problem |
| marketing strategy | a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives |
| personal income | the income an individual receives from all sources less the Social Security taxes the individual must pay |
| place utility | utility created by making a product available at a location where customers wish to purchase it |
| possession utility | utility created by transferring title (or ownership) of a product to a buyer |
| relationship marketing | establishing long-term, mutually satisfying buyer-seller relationships |
| sales forecast | an estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of marketing effort |
| target market | a group of individuals or organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group |
| time utility | utility created by making a product available when customers wish to purchase it |
| undifferentiated approach | directing a single marketing mix at the entire market for a particular product |
| utility | the ability of a good or service to satisfy a human need |
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