Ch. 13 Marketing

marketing
activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society
marketing concept
1. customer orientation; 2. service orientation; 3. profit orientation
customer relationship management
process of learning about customers and satisfying them or exceeding their expectations
marketing mix
managing controllable parts of the marketing process: 1. designing want-satisfying product; 2. setting a price; 3. placing product where people will buy it; 4. promoting product
product
physical good, service or idea that satisfies a want/need plus anything that would enhance the product in the eyes of consumer (i.e. brand name)
test marketing
process of testing products among potential users
brand name
word, letter, group of words or letters that differentiates one seller’s goods/services from competitors
promotion
all techniques sellers use to inform people about and motivate them to buy products/services
marketing research
analysis of markets to determine opportunities and challenges and to find the information needed to make good decisions
secondary data
information compiled and published by others
primary data
data that you gather yourself
focus group
group of people who meet under discussion leader to communicate opinions about an organization or products
environmental scanning
identifying factors that can affect marketing success
consumer market
individuals/households that want goods/services for personal consumption or use
B2B market
individuals/organizations that want goods/services to use in producing goods/services to sell, rent or supply goods
market segmentation
dividing total market into groups whose members have similar characteristics
target marketing
directed toward market segments an organization decides is profitable
geographic segmentation
dividing market by cities, counties, states or regions
demographic segmentation
dividing market by age, income, and education level
psychographic segmentation
dividing market using groups’ values, attitudes and interests
benefit segmentation
determining which products benefit target market
volume segmentation
dividing market by usage
niche marketing
finding small but profitable market segments and designing or finding products for them
one-to-one marketing
developing a unique mix of goods/services for individual customers
mass marketing
developing products and promotions to please large groups of people
relationship marketing
strategy with goal of keeping individual customers over time by offering them products that meet requirements