Mgmt Ch 14

Front 1

Marketing

Back 1

the process of determining customer needs and wants and then developing goods and services that meet or exceed these expectations
-planning and executing the conception, pricing, promotion, and distribution

Front 2

Evolution of marketing

Back 2

4 eras: production, sales, marketing, and customer relationshiip

Front 3

The production era

Back 3

the general philosophy of business being to produce as much as possible

Front 4

The sales era

Back 4

turning from an emphasis on production to an emphasis on selling

Front 5

marketing concept

Back 5

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

Front 6

customer relationship management

Back 6

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.
- enhance customer satisfaction and stimulating long-term customer loyalty

Front 7

marketing mix

Back 7

1. product
2. price
3. place
4. promotion

Front 8

product

Back 8

any physical good, service, or idea that satisfies a want or need

Front 9

test marketing

Back 9

the process of testing products among potential users

Front 10

brand name

Back 10

a word, device, or combination of these used to distinguish a seller's goods or services from those of competitors

Front 11

price

Back 11

the money or other consideration (including other goods and services) exchanged for the ownership or use of a good or service

Front 12

intermediaries

Back 12

the middle of a series of organizations that distribute goods from producers to consumers

Front 13

promotion

Back 13

all of the techniques sellers use to motivate customers to buy their products
-advertising, personal selling, public relations, various sales promotion efforts

Front 14

marketing research

Back 14

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

Front 15

marketing research process

Back 15

1. defining the question and determining the present situation
2. collecting data
3. analyzing the research data
4. choosing the best solution and implementing it

Front 16

secondary data

Back 16

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

Front 17

primary data

Back 17

data (facts, figures and opinions) that you gather yourself

Front 18

observation

Back 18

when trained people observe and record the actions of potential buyers

Front 19

focus group

Back 19

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 issues

Front 20

Environmental scanning

Back 20

the process of identifying the factors that can affect marketing success
-global, technological, sociocultural, competitive and economic influences

Front 21

Consumer market

Back 21

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

Front 22

Business-to-business (B2B) market

Back 22

All 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 23

Market segmentation

Back 23

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

Front 24

target marketing

Back 24

marketing directed toward those market segments an organization decides it can serve profitably

Front 25

geographic segmentation

Back 25

dividing the market by geographic area

Front 26

demographic segmentation

Back 26

dividing the market by age, income, and education level
- also religion, ethnic origin and profession

Front 27

psychographic segmentation

Back 27

dividing the market according to personality or lifestyle

Front 28

behavioral segmentation

Back 28

dividing the market based on behavior with or toward a product

Front 29

Niche marketing

Back 29

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

Front 30

one-to-one (individual) marketing

Back 30

developing a unique mix of goods and services for each individual customer

Front 31

mass marketing

Back 31

developing products and promotions to please large groups of people

Front 32

relationship marketing

Back 32

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

Front 33

decision making process

Back 33

1. problem recognition
2. information search
3. alternative evaluation
3. purchase decision/ or no purchase
4. postpurchase evaluation (cognitive dissonance)

Front 34

cognitive dissonance

Back 34

the type of psychological conflict that can occur after a purchase