Chapter 13
benefit segmentation
dividing the market by determining which benefits of the product to talk about
Environmental scanning
the process of identifying the factors that can affect marketing success
Marketing Research Process
1. Defining the question (the problem or opportunity) and determining the present situation 2. Collecting research data 3. Analyzing the research data 4. Choosing the best solution and implementing it
Market Concept
A three part Philosophy: 1. Customer orientation 2. Service orientation 3. Profit orientation
Brand name
A word, letter, or group of words or letters that differentiates one seller's good sand 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 consumption or use
Promotion
All the techniques sellers use to inform people about them 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
Service orientation
Make sure everyone in the organization has the same objective: customer satisfaction.
Target Marketing
Marketing directed toward those groups (market segments) 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 Mix
The ingredients that go into a marketing program; product, price, place, and promotion
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
One-to-one
developing a unique mix of goods and services for each individual customer
psycho-graphic segmentation
dividing the market using the group's values, attitudes, and interests
Market segmentation
the process of dividing the total market 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
Test marketing
The process of testing products among potential users
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
Primary Data
Data that you gather yourself (not from secondary sources such as books and magazines)
Mass marketing
Developing products and promotions to please large groups of people
Volume (or usage) segmentation
Divid-ing the market by usage (volume of use)
Demographic segmentation
Dividing the market by age, income, and education level
Geographic segmentation
Dividing the market by cities, counties, states, or regions
Marketing Process
Find opportunities Conduct Research Identify a target market Design a product to meet the need based on research Do product testing Determine a brand name, design a package, and set a price Select a distribution system Design a promotional program Build a relationship with a customers
Customer orientation
Find out what the consumers want and provide it for them
Profit orientation
Focus on those goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs
Secondary Data
Information 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
Marketing Research
The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions
