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27 terms

ch. 12

STUDY
PLAY
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