Chapter 13 (Marketing)

primary data

data that you gather yourself (survey)

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.

secondary data

information that has already been compiled by others and published in journals, books, or online. (what marketers should gather first)

target marketing

marketing directed toward those groups an organization decides it can serve profitably.

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 need to make good decisions.

market segmentation

the process of dividing the total market into groups who 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 present customers and doing everything you can overtime to satisfy them, or even exceed their expectations, with goods and services.

test marketing

the process of testing products among potential users.

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 market (B2B)

all 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 (brand).

marketing concept

a 3 part business philosophy 1. customer orientation (find out what customers want) 2. service orientation (everyone in organization has objective of customer satisfaction) 3. profit orientation (focus on goods and services that earn most profit)

relationship marketing

a 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.