chapter 13 vocab test 2

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

business-to-business (B2B) market

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

consumer market

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

customer relationship management (CRM)

dividing the market by age, income, and education level

demographic segmentation

a small group of people who meet under the direction f a discussion leader to communicate their opinions about an organization, its products, or other given issues the process of identifying the factors that can effect marketing success

focus group

dividing a market by cities, counties, states, or regions

geographic segmentation

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

market segmentation

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offering that have value for customers, clients, partners, and society at large

marketing

a three-part business philosophy, (1) a customer orientation, (2) a service orientation, and (3) a profit orientation

marketing concept

the ingredients that go into a marketing program, product, price, place, and promotion

marketing mix

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

marketing research

developing products and promotions to please large groups of people

mass marketing

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

niche marketing

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

one-to-one marketing

data that you gather yourself (not from ________ sources such as books and magazines)

primary data

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

product

all the technique sellers use to inform people about and motivate them to buy their products or services

promotion

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

psychographic segmentation

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

relationship marketing

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

secondary data

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

target marketing

the process of testing products among potential users

test marketing

dividing the maker by usage (volume of use)

volume (or usage) segmentation

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

benefit segmentation

a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors

brand name