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benefit segmentation

dividing the market by determining which benefits of the product to talk about.

marketing

he activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

market concept

3 part business philosophy: customer orientation, service orientation, and profit orientation

customer orientation

Find out what consumers want and provide it for them

service orientation

Make sure everyone in the organization has the same objective: customer satisfaction. This should be a total and integrated organizational effort.

profit orientation

Focus on those goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs.

customer relationship management

the process of learning as much as possible about present customers and doing everything you can over time to satisfy them—or even to exceed their expectations—with goods and services.

marketing mix

the ingredients that go into a marketing program: product, place, price, and promotion

product

any physical good, service, or idea that satisfies a want or need, plus anything that would enhance the product in the eye of consumers, such as the brand name.

test marketing

The process of testing products among potential users

brand name

a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors

promotion

consists of all the techniques sellers use to inform people about and motivate them to buy their products or services

marketing research

the analysis of markets to determine opportunities and challenges and to find the information they need to make good decisions.

secondary data

information that has already been compiled by others and published in journals and books or made available online

primary data

data that you gather yourself

focus group

a group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues.

Environmental scanning

the process of identifying factors that can affect marketing success.

consumer market

consists of all the individuals or households that want goods and services for personal consumption or use and have the resources to buy them.

business-to-business market (B2B

consists of 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.

market segmentation

The process of dividing the total market into groups with similar characteristics

target marketing

Selecting which groups or segments an organization can serve profitably

geographic segmentation

Dividing a market by cities, counties, states, or regions

demographic segmentation

dividing the market by age, income and education level

psychographic segmentation

dividing the market using the group's values, altitude and interests

benefit segmentation

Determining which product benefits your target market prefers and using those benefits to promote a product

volume segmentation

Separating the market by volume of product use is called

Niche marketing

identifying 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.

Mass marketing

developing products and promotions to please large groups of people.

Relationship marketing

tends to lead away from mass production and toward custom-made goods and services. The goal is to keep individual customers over time by offering them new products that exactly meet their requirements.

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