Chapter 11 - Marketing: Helping Buyers Buy
Marketing
The activity, set of institutions, 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.
Marketing Mix
The ingredients that go into a marketing program: product, price, place, and promotion
Intermediaries
The middle links in. a series of organizations that distribute goods from producers to consumers (middlemen)
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 over time to satisfy them - or even exceed their expectations - with goods and services.
Test Marketing
The process of testing products among potential users.
Cognitive Dissonance
Type of psychological conflict that can occur after purchase
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
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)
relationship marketing
marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements
Niche Marketing
the process of finding small but profitable market segments and designing or finding products for them
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.
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 consumptions 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 name.
Learning
Creates changes in an individual's behavior resulting from previous experiences and information
Primary Data
Data that you gather yourself (not from secondary sources such as books and magazines).
Demographic Segmentation
Dividing the market by age, income, and education level.
Geographic Segmentation
Dividing the market by cities, counties, states, or regions.
Psychographic Segmentation
Dividing the market using the group's values, attitudes, and interests.
Customer Orientation
Find out what consumers want and provide it for them.
Reference Group
Group an individual uses as a reference point in forming beliefs, attitudes, values, or behavior
Secondary Data
Information that has already been compiled by others and published in journals and books or made available online.
Service Orientation
Make sure everyone in the organization has the same objective: customer satisfaction.
Four P's of Marketing
Product Price Place Promotion
The evolution of marketing in the United States involved four eras:
Production Selling Marketing Concept Customer Relationship *New era emerging: Mobile/on-demand marketing.
Subculture
Set of values, attitudes, and ways of doing things that results from belonging to a certain ethnic group, racial group, or other group with which one closely identifies
Culture
Set of values, attitudes, and ways of doing things transmitted from one generation to another in a given society.