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.