BUS104 Chapter 13
Secondary data
Information that has already been compiled by others and published in journals and books or made available online.
Mass marketing
Tries to sell the same product to as many people as possible.
Environmental scanning
is the process of identifying factors that can affect marketing success.
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 (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 use.
Target marketing
Selecting which groups or segments an organization can serve profitably is target marketing.
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 of testing products among potential users is called test marketing.
Promotion
Consists of all the techniques sellers use to inform people and motivate them to buy their products or services.
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 group of people.
Geographic segmentation
Dividing a market by cities, countries, 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 (or usage) segmentation
Dividing the market by usage (volume of use)
Psychographic segmentation
Dividing the market using groups, values, attitudes, and interest.
Relationship marketing
Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements
Marketing research
marketers analyze markets to determine opportunities and challenges, and to find the information they need to make good decisions.
One-to-one marketing
means developing a unique mix of goods and services for each individual customer.