Business Foundations Ch 14

Front 1

business buying behavior

Back 1

the purchasing of products by producers, resellers, governmental units, and institutions

Front 2

buying behavior

Back 2

the decisions and actions of people involved in buying and using products

Front 3

consumer buying behavior

Back 3

the purchasing of products for personal or household use, not for business purposes

Front 4

customer lifetime value

Back 4

a measure of a customer's worth (sales minus costs) to a business over one's lifetime

Front 5

customer relationship management (CRM)

Back 5

using information about customers to create marketing strategies that develop and sustain desirable customers relationships

Front 6

discretionary income

Back 6

disposable income less savings and expenditures on food, clothing and housing

Front 7

disposable income

Back 7

personal income less all additional personal taxes

Front 8

form utility

Back 8

utility created by people converting raw materials, finances, and information into finished products

Front 9

market segment

Back 9

a group of individuals or organizations within a market that share one or more common characteristics

Front 10

market segmentation

Back 10

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

Front 11

market

Back 11

a group of individuals or organizations, or both, that need products in given category and that have the ability, willingness, and authority to purchase such products

Front 12

marketing concept

Back 12

a business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allow the firm to achieve its objectives

Front 13

marketing information system

Back 13

a system for managing marketing information that is gathered continually from internal and external sources

Front 14

marketing mix

Back 14

a combination of product, price, distribution, and promotion developed to satisfy a particular target market

Front 15

marketing plan

Back 15

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

Front 16

marketing research

Back 16

the process of systematically gathering, recording, and analyzing data concerning a particular marketing problem

Front 17

marketing strategy

Back 17

a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives

Front 18

marketing

Back 18

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

Front 19

personal income

Back 19

the income an individual receives from all sources less the Social Security taxes the individual must pay

Front 20

place utility

Back 20

utility created by making a product available at a location where customers wish to purchase it

Front 21

possession utility

Back 21

utility created by transferring title (or ownership) of a product to a buyer

Front 22

relationship marketing

Back 22

establishing long-term, mutually satisfying buyer-seller relationships

Front 23

sales forecast

Back 23

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

Front 24

target market

Back 24

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

Front 25

time utility

Back 25

utility created by making a product available when customers wish to purchase it

Front 26

undifferentiated approach

Back 26

directing a single marketing mix at the entire market for a particular product

Front 27

utility

Back 27

the ability of a good or service to satisfy a human need