BUS104 Chapter 13

Secondary data

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

Mass marketing

Tries to sell the same product to as many people as possible.

Environmental scanning

is the process of identifying factors that can affect marketing success.

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.

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.

Consumer market

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

Target marketing

Selecting which groups or segments an organization can serve profitably is target marketing.

Market segmentation

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

Niche marketing

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

Test marketing

The process of testing of testing products among potential users is called test marketing.

Promotion

Consists of all the techniques sellers use to inform people and motivate them to buy their products or services.

Primary data

Data that you gather yourself (not from secondary sources such as books and magazines)

Mass marketing

Developing products and promotions to please large group of people.

Geographic segmentation

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

Demographic segmentation

Dividing the market by age, income, and education level.

Benefit segmentation

Dividing the market by determining which benefits of the product to talk about.

Volume (or usage) segmentation

Dividing the market by usage (volume of use)

Psychographic segmentation

Dividing the market using groups, values, attitudes, and interest.

Relationship marketing

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

Marketing research

marketers analyze markets to determine opportunities and challenges, and to find the information they need to make good decisions.

One-to-one marketing

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