business ch 13
What are the four P's of marketing
1. Product 2. Price 3. Place 4. Promotion
The 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. The following sections look at each of these steps.
focus group
A small group of people who meet under the direction of a discussion leader to communi-cate their opinions about an organization, its products, or other given issues.
marketing concept
A three-part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation.
brand name
A word, letter, or group of words or letters that differentiates one seller's goods and 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 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.
secondary data
Information that has already been compiled by others and published in journals and books or made available online.
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.
market segmentation .
The process of dividing the total market into groups whose members have similar characteristics
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.
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.
test marketing
The process of testing products among potential users.
primary data
Data that you gather yourself (not from secondary sources such as books and magazines).
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.
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 (or usage) segmentation
Dividing the market by usage (volume of use).
psychographic segmentation
Dividing the market using groups' values, attitudes, and interests.
target marketing
Marketing directed toward those groups (market segments) an organization decides it can serve profitably.
relationship marketing
Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.
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.