Business Marketing Ch 13

marketing mix

product, price, place, and promotion

target marketing

marketing directed toward those groups an organization decides it can servce profitably

relationship marketing

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

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

marketing concept

a three part business philosophy: 1. a customer orientation, 2. a service orientation, 3. a profit orientation

brand name

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

b2b market

all the individuals and organizations that want goods and services to use in producing other goods and services 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 enchance the good in the eyes of consumers, such as the brand

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

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 segmentation

dividing the market by usage

psychographic segmentation

dividing the market using the group's values, attitudes, and interests

secondary data

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

marketing

the activity, set of instructions, 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

market segmentation

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

niche marketing

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

enviromental scanning

the process of identifying the factors that can affect marketing success

customer relationship management

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