Business Terms - Chapter 12

Front 1

The process of planning and executing the conception, distribution, promotion, and pricing of ideas, goods, services, organizations, and events to create and maintain relationships that satisfy individual and organizational objectives

Back 1

Marketing

Front 2

When two or more parties benefit from trading things of value

Back 2

Exchange Process

Front 3

The want satisfying power of a good or service

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Utility

Front 4

Is created by making a good or service available when a customer wants to purchase it

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Time Utility

Front 5

Is created by making a rpoduct available in a location convienent for customers

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Place Utility

Front 6

Refers to an orderly transfer of goods and services from the seller to the buyer.

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Ownership utility

Front 7

A companywide consumer orientation to promote lone run sucess

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Marketing Concept

Front 8

The result of a good or service metting or exceeding the buyers needs and expectations

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Customer Service

Front 9

When a company exceeds value expectations by adding features, lowering prices, enhancing customer service, or making other imrpovements that increase customer satisfaction. As long as customers believe they have recieved value they are liekly to remain satisfiesd with the company and continue thier relationship.

Back 9

Value-Added

Front 10

Type of non-traditional marketing where efforts are designed to attract the attention, interst and preference of a target market toward a person

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Person Marketing

Front 11

Type of non-traditional marketing that attepts to attract people to a particular area, such as a city, state, or nation.

Back 11

Place Marketing

Front 12

Type of non-traditional marketing where there is marketing or sponsering for short term events such as athletic competitions, and cultural and charitable performances. It often forges partnerships bewteen non for profit and profit seeking organizations

Back 12

Event Marketing

Front 13

Type of non-traditonal marketing that promotesd a cause or social issue, such as the prevention of child abuse, antilittering efforts, and antismoking campaigns.

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Cause Marketing

Front 14

Type of non-tradtional marketing that influences consumers to accept the goals of, recive the services of, or contribute in some way to an organization.

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Organization Marketing

Front 15

Often known as B2C products, they are goods and services

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Consumer products

Front 16

Known as B2B products, they are goods and services purchased to be used, with directly or indirectly, in the production of other goods for resale.

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Busines Products

Front 17

Group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy thier specific needs and preferences

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Target Market

Front 18

The belnding of the four elements of marketing startegy (product, distribution, pormotion and proce) to satisfy chosen cusotmer segments

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Marketing Mix

Front 19

The collection and use of information to support marketing decision making

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Marketing Research

Front 20

Computer search of massive amounts of customer data to detct patterns and relationships

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Data Mining

Front 21

The are sophisticated customer databases that allow managers to combine data from sveral different organizational functions (data mining uses them)

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Data Wharehouses

Front 22

The process of dividing a total market into several relatively homogenous groups

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Market Segmentation

Front 23

Dividing a market into homogenous groups on the basis of population locations: the oldest segmentation method

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Geographical Segmentation

Front 24

Distinguishes markets on the basis of various demographic or socioeconomic charcteristics: the most common method

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Demographic segmentation

Front 25

Divides consumer market into groups with similar psychological charcteristics, values, lifestyles. Based on the sum of a persons needs, preferences, motives, attitudes, social habits, and cultural background

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Psychographic Segmentation

Front 26

It is where marketers divide a consumer market into groups based on buyers relationships to the good or service. Based on the benefits sought, usage rates and brand loyalty levels.

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Product-Related Segmentation

Front 27

Focuses on the precise way a B2B purchaser will use a product. This method helps small and mid size companies to target specific end-user markets rather than competing directly with large firms for wider customer groups

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End-use segmentation

Front 28

Series of decision processes by individual customers who buy products for thier own use and organizational buyers who purachse business products to be used directly or indirectly in the sale of other items

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Buyer Behavior

Front 29

The actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions

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Consumer Behavior

Front 30

Characterized by buyer and seller exchanges with limited communication and little or no ongoing relationships bwteen the parties. The goal is to negociate hard with suppliers to secure the least expensive raw materials and components, then build products and find customers to buy them at prices high enough to cover costs and still earn profits. It is the most tradtional type that businesses have used.

Back 30

Transaction Marketing

Front 31

Developing and maintaining long-term, cost effective exchange relationships with individual customers, suppliers, emplyees, and other partners for mutual benefit

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Relationship Marketing

Front 32

The revenues and intangiable benefits (referrals and customer feedback) from the customer over the life of the relationship, minus the amoutn the company must spend to aquire and serve that customer

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Lifetime value of a customer

Front 33

Firms try to build and protect customer relationships by including frequent buyer and frequent user programs. They are programs that reward purchasers with cash, rebates, merchandise, or other premuinums.

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Frequency Marketing

Front 34

A toolf for building emotional links with customers. It is an effort sponsored by an organization that solicits involvement by individuals who share cusotmer intersts and activites

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Affinity Programs

Front 35

Where 2 businesses jpintly market each others products

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Co-marketing

Front 36

When 2 or more businesses team up to closely link thier names for a single product

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Co-branding