Understanding Business Chapter 13
rely less on marketing intermediaries.
Compared to consumer markets, B2B markets
develop products that meet the specific requirements of individual customers.
Firms that adopt a relationship marketing strategy attempt to
B2B
Marketers include manufacturers, intermediaries, institutions, and the government.
Product, Price, Place, Promotion
The Four P's
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 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
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 consumers, such as the brand
setting a price for the light fixtures her firm produces.
as a marketing manager for a retailer of lighting products, lucinda will likely be involved in which of the following?
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
Market
people with unsatisfied wants and needs who have both the resources and the willingness to buy
Long Tail
phrase explaining how companies selling more products with lower demand can easily compete with (or even surpass) those solely dependent on big sellers
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 Mix
the ingredients that go into a marketing program: product, price, place, and promotion
Test Marketing
the process of testing products among potential users
strategies regarding product, price, place and promotion.
A firm's marketing mix refers to the combination of:
accept the research results and reevaluate the proposed product.
As part of her responsibility as a marketing manager, Jan has completed a review of data her department has gathered through telephone interviews, mail survey and focus groups. Jan is disappointed because the research results strongly suggest that a product idea she helped develop is unlikely to be popular with potential customers Jan should:
mass marketing strategy.
Selling to everybody and listening to nobody might be the result of a firm that uses a...
building relationship with customers.
The last step in the marketing process often includes:
growth of consumer databases, blogs, and social networking.
The most important technological change likely to affect the marketing success of many firms is the:
consumer behavior
Understanding consumers in marketing is considered so important that a whole area of marketing called...
Brand Name
a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors
niche marketing
Which of the following refers to a marketing strategy in which the focus is on small but profitable market segments?
Industrial buyers are usually large.
Which of the following statements about the B2B market is true?
Consumer Market
all the individuals or households that want goods and services for personal consumption or use
as any physical good, service or idea that satisfies a want or need.
marketers define a product
customer orientation, service orientation, and profit orientation
marketing concept
Target Marketing
marketing directed toward those groups an organization decides it can serve profitably
Consumer Behavior
marketing researchers investigate _____at each stage in a purchase to determine the best way to help the buyer buy
Geographic Segmentation
dividing a market by cities, counties, 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 (Usage) Segmentation
dividing the market by usage
Psychographic Segmentation
dividing the market using the group's values, attitudes, and interests
A focus
group consists of a small group of people who meet under the direction of a discussion leader to discuss opinions about an organization, its products, or other issues.
production, selling, marketing concepts, customer relationship
4 eras of marketing
P's
A firm's marketing mix consists of 4 major components, which are generally referred to as the four:
Promotion
consists of all the techniques sellers use to persuade consumers to buy their goods and services.
- define (the question and determining the present situation) - collect (research data) - analyze (the research data) - choose (the best solution and implementing it)
Marketing Research Process
marketing research
Marketing mistakes are costly! In the past, companies have designed intricate products that markets did not perceive any need for. they have aired promotional compaigns that have offended audiences. They have priced products out of reach of the target market. Marketing experts defend the importance of
Market
People with unsatisfied wants and needs who have both the ability and the willingness to buy are
It minimizse's marketing research costs.
Secondary data helps marketers in that,
Primary Data
data that you gather yourself
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
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
Environmental Scanning
the process of identifying the factors that can affect marketing success; include global, technological, sociocultural, competitive, and economic influences
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
Conducting personal interviews with potential customers.
which of the following represents a technique used to obtain primary data?
a manufacturing improvement enabling firms to more efficiently design and produce specialized products for small groups of consumers
which of the following would best benefit the development of niche marketing?
By employing a relationship marketing strategy, Jocelyn found success as an entrepreneur. The goal of this strategy is to:
work closely with existing customers to better satisfy their wants and needs.