Intro To Business - Chapter 13

Front 1

Marketing

Back 1

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 2

Marketing Concept

Back 2

A three-part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation.

Front 3

Customer Relationship Management (CRM)

Back 3

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.

Front 4

Marketing Mix

Back 4

The Ingredients that go into a marketing program: Product, Price, Place, and Promotion.

Front 5

Product

Back 5

Any physical good, service, or idea that satisfies a want or need plus anything that would enhance the project in the eyes of consumers, such as the brand.

Front 6

Test Marketing

Back 6

The process of testing products among potential users.

Front 7

Brand Name

Back 7

A word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors.

Front 8

Promotion

Back 8

All the techniques sellers use to inform people about and motivate them to buy their projects or services.

Front 9

Marketing Research

Back 9

The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions.

Front 10

Secondary Data

Back 10

Information that has already been compiled by others and published in journals and books or made available online.

Front 11

Primary Data

Back 11

Data that you gather yourself (not from secondary sources such as books and magazines).

Front 12

Focus Group

Back 12

A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues.

Front 13

Environmental Scanning

Back 13

The process of identifying the factors that can affect marketing success.

Front 14

Consumer Market

Back 14

All the individuals or households that want goods and services for personal consumption or use.

Front 15

Business-to-Business (B2B) Market

Back 15

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.

Front 16

Market Segmentation

Back 16

The process of dividing the total market into groups whose members have similar characteristics.

Front 17

Target Marketing

Back 17

Marketing directed toward those groups (market segments) an organization decides it can serve profitability.

Front 18

Geographic Segmentation

Back 18

Dividing a market by cities, counties, states, or regions.

Front 19

Demographic Segmentation

Back 19

Dividing the market by age, income, and education level.

Front 20

Psychographic Segmentation

Back 20

Dividing the market using group's values, attitudes, and interests.

Front 21

Benefit Segmentation

Back 21

Dividing the market by determining which benefits of the product to talk about.

Front 22

Volume (or usage) Segmentation

Back 22

Dividing the market by usage (volume of use).

Front 23

Niche Marketing

Back 23

The process of finding small but profitable market segments and designing or finding products for them.

Front 24

One-to-One Marketing

Back 24

Developing a unique mix of goods and services of each individual customer.

Front 25

Mass Marketing

Back 25

Developing products and promotions to please large groups of people.

Front 26

Relationship Marketing

Back 26

Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.