26 terms

intro business ch. 13

marketing: building customer relationships
STUDY
PLAY
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)