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26 Cards in this Set
- Front
- Back
Marketing |
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. |
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Marketing Concept |
A three-part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation. |
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Customer Relationship Management (CRM) |
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. |
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Marketing Mix |
The Ingredients that go into a marketing program: Product, Price, Place, and Promotion. |
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Product |
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. |
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Test Marketing |
The process of testing products among potential users. |
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Brand Name |
A word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors. |
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Promotion |
All the techniques sellers use to inform people about and motivate them to buy their projects or services. |
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Marketing Research |
The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions. |
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Secondary Data |
Information that has already been compiled by others and published in journals and books or made available online. |
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Primary Data |
Data that you gather yourself (not from secondary sources such as books and magazines). |
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Focus Group |
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. |
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Environmental Scanning |
The process of identifying the factors that can affect marketing success. |
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Consumer Market |
All the individuals or households that want goods and services for personal consumption or use. |
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Business-to-Business (B2B) Market |
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. |
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Market Segmentation |
The process of dividing the total market into groups whose members have similar characteristics. |
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Target Marketing |
Marketing directed toward those groups (market segments) an organization decides it can serve profitability. |
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Geographic Segmentation |
Dividing a market by cities, counties, states, or regions. |
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Demographic Segmentation |
Dividing the market by age, income, and education level. |
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Psychographic Segmentation |
Dividing the market using group's values, attitudes, and interests. |
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Benefit Segmentation |
Dividing the market by determining which benefits of the product to talk about. |
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Volume (or usage) Segmentation |
Dividing the market by usage (volume of use). |
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Niche Marketing |
The process of finding small but profitable market segments and designing or finding products for them. |
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One-to-One Marketing |
Developing a unique mix of goods and services of each individual customer. |
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Mass Marketing |
Developing products and promotions to please large groups of people. |
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Relationship Marketing |
Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements. |