Chapter 13

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benefit segmentation

dividing the market by determining which benefits of the product to talk about

Environmental scanning

the process of identifying the factors that can affect marketing success

Marketing Research Process

1. Defining the question (the problem or opportunity) and determining the present situation 2. Collecting research data 3. Analyzing the research data 4. Choosing the best solution and implementing it

Market Concept

A three part Philosophy: 1. Customer orientation 2. Service orientation 3. Profit orientation

Brand name

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

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 or use

Promotion

All the techniques sellers use to inform people about them 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 consumers, such as the brand name

Service orientation

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

Target Marketing

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

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

Customer Relationship Management (CRM)

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

One-to-one

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

psycho-graphic segmentation

dividing the market using the group's values, attitudes, and interests

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 products among potential users

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

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 groups of people

Volume (or usage) segmentation

Divid-ing the market by usage (volume of use)

Demographic segmentation

Dividing the market by age, income, and education level

Geographic segmentation

Dividing the market by cities, counties, states, or regions

Marketing Process

Find opportunities Conduct Research Identify a target market Design a product to meet the need based on research Do product testing Determine a brand name, design a package, and set a price Select a distribution system Design a promotional program Build a relationship with a customers

Customer orientation

Find out what the consumers want and provide it for them

Profit orientation

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

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 Research

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


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