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30 terms

Chapter 13 - Marketing

STUDY
PLAY
Marketing
The activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
The evolution of marketing
production era, selling, marketing concept, and customer relationship.
Marketing concepts
A three-part business philosophy: customer orientation, a service orientation, profit orientation.
Customer relationship management
the process of learning as much as possible about customers and doing everything you can to satisfy them or even exceed their expectations, with good and services.
Marketing mix
The ingredients that go into a marketing program: product, price, place, and promotion.
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.
Test marketing
The process of testing product among potential users.
Brand name
A world, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors.
The marketing process
Find opportunities; conduct reasearch; identify a target market; design a product to meet the need based on research; do product testing; determine a brand name; design a package, and set a price;select a distribution system; design a promotional program; build a relationship with customer
Promotion
All the techniques seller's use to inform people about and motivate them to buy their products or services.
Marketing research
The analysis of markets t determine opportunities and challenges, and to to find the information needed to make good decisions.
The marketing research process
Defining the question and determining the present situation, collection research data, analyzing the research data, choosing the best solution and implementing it.
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 small group of people who meet under the direction of discussion leader to communicate their opinions about an organization, its products, and other given issues.
Environmental scanning
The process of identifying the factors that can affect marketing success.
The marketing environment
Global factors, technological factors, sociocultural factors, competitive factors, economic factors.
Consumer market
All the individuals or households that want goods and services for personal consumption or use.
Business-to-business (B2B) market
all the individuals and organization 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 whose members have similar characteristics.
Target marketing
Marketing directed toward those groups (target segments) an organization decides it can serve profitably.
geographic segmentation
dividing a market by cities, countries, states, or regions.
Demographic segmentation
Dividing the market by age, income, and education level.
Psychographic segmentation
Dividing the market using the group's values, attitudes, and interests.
Benefit segmentation
Dividing the market by determining which benefits of the product to talk about.
Volume segmentation
Dividing the market by usage, or volume use
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 sevices for each individual customer.
Mass marketing
Developing products and promoions to please large groups of people.
Relationship marketing
Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.