Business Chapter 13

Primary sources

Interviews surveys observation focus groups online surveys questionnaires customer comments letters from customers

Secondary data

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

Focus group

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

Marketing concept

A three-part business philosophy 1)a custom orientation 2)a service orientation and 3)a profit orientation

Brand name

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

Consumer market

All individuals or households that want goods & services to use in producing other goods & services or sell, rent or supply goods to others.

Promotion

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

Product

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

Concept testing

Asking people whether your ideas appeal to them or not

Test market

The process of testing products a potential users

Business-to business market

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

The marketing research process

Defining the question or problem or opportunity and determining the present situation. Collecting research data. Analyzing the research data. Choosing the best solution and implementing it.

One to one marketing

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

Mass marketing

Developing products and promotions to please large groups of people

Geographic segmentation

Dividing a market by cities counties states or regions

Demographics segmentation

Dividing the market by age income and education level

Benefit segmentation

Dividing the market by determining which benefits of the products to talk about

Volume or usage segmentation

Dividing the market by usage (voulume of use)

Psychographic segmentation

Dividing the market using groups values attitudes and interests

Primary data

Doubted that you gather yourself not from secondary sources such as books and magazines

Secondary Data

Information that has already been compiled by others & published in journals & books & made available online

Target market

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

Relationship marketing

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

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

Marketing research

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

Marketing Eras

The evolution of marketing in the United States involved four errors production, selling, marketing concept and customer relationship

The marketing mix

The ingredients that go into a marketing program product, Price, place, and promotion

Market Segmentation

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

Niche marketing

The process of finding small the profitable market segments and designing or finding product for them

Environmental scanning

The process of identifying factors that can affect marketing success

Environmental scanning

The process of identifying the factors that can affect marketing success

Customer relationship management CRM

The process of learning as much as possible about customers and doing everything you can to satisfy them or even excite their expectations with goods and services