Chapter 13: Marketing: Helping Buyers Buy

Market Segmentation

The process of dividing the total market up 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 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

Focus Group

A small group of people who meet under the direction or a discussion leader to communicate their opinions about the organization, its products, or other given issues

Marketing Concept

A three-part business philosophy: (1) a consumer 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 or services from those of its competitors

Business-to-Business (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 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 the would enhance the product in the eyes of consumers, such as the brand

Primary Data

Data the 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

Psycho-graphic Segmentation

Dividing the groups' values, attitudes, and interests

Demographic Segmentation

Dividing the market by age, income, and education level

Geographic Segmentation

Dividing the market by cities, counties, states or regions

Benefit Segmentation

Dividing the market by determining which benefits of the product to talk about

Volume (or usage) Segementation

Dividing the market by usage (volume of use)

Secondary Data

Information that has already been complied by others and published in journals and books or made available online

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 requirments

Marketing

The activity, set of institutions, and process of creating, communicating, delivering, and exchanging offerings of 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: program, price, place, and promotion