Understanding Business Chapter 13

rely less on marketing intermediaries.

Compared to consumer markets, B2B markets

develop products that meet the specific requirements of individual customers.

Firms that adopt a relationship marketing strategy attempt to

B2B

Marketers include manufacturers, intermediaries, institutions, and the government.

Product, Price, Place, Promotion

The Four P's

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 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

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

setting a price for the light fixtures her firm produces.

as a marketing manager for a retailer of lighting products, lucinda will likely be involved in which of the following?

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

Market

people with unsatisfied wants and needs who have both the resources and the willingness to buy

Long Tail

phrase explaining how companies selling more products with lower demand can easily compete with (or even surpass) those solely dependent on big sellers

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

Test Marketing

the process of testing products among potential users

strategies regarding product, price, place and promotion.

A firm's marketing mix refers to the combination of:

accept the research results and reevaluate the proposed product.

As part of her responsibility as a marketing manager, Jan has completed a review of data her department has gathered through telephone interviews, mail survey and focus groups. Jan is disappointed because the research results strongly suggest that a product idea she helped develop is unlikely to be popular with potential customers Jan should:

mass marketing strategy.

Selling to everybody and listening to nobody might be the result of a firm that uses a...

building relationship with customers.

The last step in the marketing process often includes:

growth of consumer databases, blogs, and social networking.

The most important technological change likely to affect the marketing success of many firms is the:

consumer behavior

Understanding consumers in marketing is considered so important that a whole area of marketing called...

Brand Name

a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors

niche marketing

Which of the following refers to a marketing strategy in which the focus is on small but profitable market segments?

Industrial buyers are usually large.

Which of the following statements about the B2B market is true?

Consumer Market

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

as any physical good, service or idea that satisfies a want or need.

marketers define a product

customer orientation, service orientation, and profit orientation

marketing concept

Target Marketing

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

Consumer Behavior

marketing researchers investigate _____at each stage in a purchase to determine the best way to help the buyer buy

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 (Usage) Segmentation

dividing the market by usage

Psychographic Segmentation

dividing the market using the group's values, attitudes, and interests

A focus

group consists of a small group of people who meet under the direction of a discussion leader to discuss opinions about an organization, its products, or other issues.

production, selling, marketing concepts, customer relationship

4 eras of marketing

P's

A firm's marketing mix consists of 4 major components, which are generally referred to as the four:

Promotion

consists of all the techniques sellers use to persuade consumers to buy their goods and services.

- define (the question and determining the present situation) - collect (research data) - analyze (the research data) - choose (the best solution and implementing it)

Marketing Research Process

marketing research

Marketing mistakes are costly! In the past, companies have designed intricate products that markets did not perceive any need for. they have aired promotional compaigns that have offended audiences. They have priced products out of reach of the target market. Marketing experts defend the importance of

Market

People with unsatisfied wants and needs who have both the ability and the willingness to buy are

It minimizse's marketing research costs.

Secondary data helps marketers in that,

Primary Data

data that you gather yourself

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

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

Environmental Scanning

the process of identifying the factors that can affect marketing success; include global, technological, sociocultural, competitive, and economic influences

Customer Relationship Management (CRM)

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

Conducting personal interviews with potential customers.

which of the following represents a technique used to obtain primary data?

a manufacturing improvement enabling firms to more efficiently design and produce specialized products for small groups of consumers

which of the following would best benefit the development of niche marketing?

By employing a relationship marketing strategy, Jocelyn found success as an entrepreneur. The goal of this strategy is to:

work closely with existing customers to better satisfy their wants and needs.