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Terms in this set (30)
set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
activity in which two or more parties give something of value to each other to satisfy perceived needs.
company-wide consumer orientation to promote long-run success.
actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions.
business buying behavior
often includes a variety of influences from multiple decision makers.
the process of collecting and evaluating information to support marketing decision making.
Previously published data from trade associations, advertising agencies, marketing research firms, and other sources.
Data collected through observation, surveys, and other forms of observational study.
computer searches of customer data to detect patterns and relationships.
activities and technologies for gathering, storing, and analyzing data to make better competitive decisions
- the process of dividing a total market into several relatively homogeneous groups.
Divides market into homogeneous groups on the basis of their locations.
Divides market on the basis of various demographic or socioeconomic characteristics: gender, income, age, occupation, household size, stage in the family life cycle, education, and ethnic group
Divides consumer market into groups with similar psychological characteristics, values, and lifestyles.
product related segmentation
Divides market based on buyer's relationship to the good or service.
group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences.
good or service that is purchased by end users
good or service purchased to be used, either directly or indirectly, in the production of other goods for resale
blends the four strategies to fit the needs and preferences of a specific target market.
involves the nature of the product and its package design, brand names, trademarks, and product image. Part of marketing mix
ensures that customers receive their purchases in the proper quantities at the right times and locations. Part of marketing mix
blends advertising, personal selling, sales promotion, and public relations to achieve its goals of informing, persuading, and influencing purchase decisions. Part of marketing mix
is setting profitable and justifiable prices for the firm's product offerings, sometimes subject to government scrutiny. Part of marketing mix
developing and maintaining long-term, cost-effective exchange relationships with partners.
lifetime value of a customer
revenues and intangible benefits (referrals and customer feedback) from a customer over the life of the relationship, minus the amount the company must spend to acquire and serve that customer.
frequent customers have a higher lifetime value, so businesses allocate resources accordingly
reward purchasers with cash, rebates, and other premiums
solicit involvement based on common interest
customer relationship management
software helps companies gather, sort, and interpret data about specific customers
one on one marketing
Customizing products and marketing and rapidly delivering goods.
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