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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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