Chapter 12

Consumer behavior

Actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these cations.

Marketing mix

Blends the 4 strategies to fit needs and preferences of a specific target market.

Data mining

Computer searches of customer data to detect patterns and relationships.

Relationship marketing

Developing and maintaing long-term, cost-effective exchange relationships with partners.

Target market

Group of potential customers toward whom organizations directs its marketing efforts.

Marketing

Organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Market segmentation

Process of dividing a total market into several relatively homogenous groups.

Marketing concept

Marketplace success begins with the customers.

Utility

Want-satisfying power of a good or service.

Marketing research

collecting and evaluating information to support marketing decision making.

Exchange process

when a party of 2 or more are satisfied with a trading things in value.