intro business ch. 13
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26 terms
Terms | Definitions |
|---|---|
 benefit segmentation | dividing the market by determining which benefits of the product to talk about |
| brand name | a word, letter, or group of words or letters that differentiates one sellers goods and services from those of competitors |
| business to business (B2B) market | 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 |
| consumer market | all the individuals or households that want goods and services for personal consumption or use |
| customer relationship management (CRM) | 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 over time |
| demographic segmentation | dividing the market by age, income, and education level |
| environmental scanning | the process of identifying the factors that can affect marketing success |
| focus group | a small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or given issues |
| geographic segmentation | dividing the market by geographic area |
| marketing | the process of planning and executing the conception, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives |
| marketing concept | a three-part business philosophy: 1. a customer orientation; 2. a service orientation; 3. a profit orientation |
| marketing mix | the ingredients that go into a marketing program: product, price, place, and promotion |
| marketing research | the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions |
| market segmentation | the process of dividing the total market into groups whose members have similar characteristics |
| mass marketing | developing products and promotions to please large groups of people |
| niche marketing | the process of finding 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 |
| primary data | data that you gather yourself (not from secondary sources) |
| product | 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 |
| promotion | all the techniques sellers use to motivate people to buy their products or services |
| psychographic segmentation | dividing the market using the groups values, attitudes, and interests |
| relationship marketing | marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirments |
| secondary data | information that has already been compiled by others and published in journals and books or made available online |
| target marketing | marketing directed toward those groups (market segments) an organization decides it can serve profitably |
| test marketing | the process of testing products among potential users |
| volume, or usage, segmentation | dividing the market by usage (volume of use) |
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