Chapter 13: Marketing - Helping Buyers Buy

marketing research process

1. Define the question and determine the present situation 2. Collect research data 3. Analyze research data 4. Choosing best solution/ implementing it

selling era

1920's, mass. Productions outpaced demand the focus turned to selling and persuasion

marketing research

Analyzing markets to determine challenges and opportunities, and finding the information needed to make good decisions.

promotion

Communication to build and maintain relationships by informing and persuading one or more audiences

mass marketing

Developing products and promotions to please large groups of people.

geographic segmentation

Dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods

customer orientation

Finding out what customers want and then providing it

profit orientation

Focusing on the goods and services that will earn the most profit

service orientation

Making sure everyone in an organization is committed to customer satisfaction

product

Marketing element referring to what goods, services, or ideas a business will offer its customers

production era

Produce as many goods as possible because demand was unlimited

marketing mix

Product, Price, Place, Promotion

target marketing

Selecting which segments an organization can serve profitably

concept testing

Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal

marketing concept era

The consumer rules and companies find a need and fill it.

market segmentation

The process of dividing a market into meaningful, relatively similar, identifiable segments or groups.

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

business to business (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 (also govt)

consumer market

all the individuals and households that buy or acquire goods and services for personal consumption or use

primary data

data that you gather yourself

one to one marketing

developing a unique mix of goods and services for each individual consumers.

volume (usage) segmentation

dividing the market by usage (volume or use)

psychographic segmentation

dividing the market using groups' values, attitudes, and interests

secondary data

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

relationship marketing

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

4 eras of marketing

production, selling, marketing concepts, customer relationship

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

benefit segmentation

the process of grouping customers into market segments according to the benefits they seek from the product

environmental scanning

the process of identifying 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 over time to satisfy them - or even to exceed their expectation with goods and services

test marketing

the process of testing products among potential users

brand name

word, picture, or logo on a product that helps consumers distinguish it from similar products