Business 101: Chapter 13

Product

Any physical good, service, or idea that satisfies a want or need, plus anything that would enhance the product in the eye of the consumer.

Business to Business (B2B)

Consists of all the individuals and organizations that want goods and services to use in producing other goods ad services or to sell, rent, or supply goods to others.

Consumer Market

Consists of all the individuals or households that want goods and services for personal consumption or use and have the resources to buy them.

Customer Orientation

Find out what consumers want and provide it for them.

Marketing

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.

Demographic Segmentation

Separating a market by age, income, education, religion, race, or occupation

Volume/Usage Segmentation

Separating the market by volume of product use.

Marketing (Simplified)

The activities buyers and sellers perform to facilitate mutually satisfying exchanges

Target Market

The people you will try to persuade to come to purchase your product.

Market Segmentation

The process of dividing the total market into groups with similar characteristics.

Environmental Scanning

The process of identifying factors that can affect market success.

Customer Relationship Management (CRM)

The process of learning as much as possible about present customers and doing everything you can over time to satisfy them with goods and services.

Test Marketing

The process of testing products among potential users.

Psychographic Segmentation

To study the group's values, attitudes, and interest in a strategy.

The 4 Ps of Marketing /Marketing Mix

-Product -Price -Place -Promotion

Focus Group

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

Brand Name

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

One-to-One Marketing

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

Relationship Marketing

Developing custom made goods and services to please smaller groups of people.

Mass Marketing

Developing products and promotions to please large groups of people.

Geographic Segmentation

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

Profit Orientation

Focus on those goods and services that will ear the most profit and enable the organization to survive and expand to serve more consumer needs.

Niche Marketing

Identifying small but profitable market segments and designing or finding products for them.

Service Orientation

Make sure everyone in the organization has the same objective, customer satisfaction.