Business Chapter 13

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.

consumer market

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

marketing research

Analyzing markets to determine challenges and opportunities, and finding the information needed to make good decisions.

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 segmentations

Dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods

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.

business-to-business (B2B)

Individuals and organizations that buy goods and services to use in production or to sell, rent, or supply to others.

target marketing

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

niche marketing

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

marketing concept

a three-part business philosophy: 1. a customer orientation 2. a service orientation 3. a profit orientation

brand name

a word, latter, or group of words or letters that differentiates one seller's goods and services from those of the competition

promation

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 consumers, such as the brand

primary data

data that you gather yourself (not from secondary source such as books or magazines)

volume (or usage) segmentation

dividing the market by usage (volume of use)

psychographic segmentation

dividing the market using groups' values, attitudes, and interest

secondary data

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

relationship marketing

marketing strategy with the goal of keeping individual customers over time 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 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

environment 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 exceed their expectations-- with goods and services.

test marketing

the process of testing products among potential users