Intro to business chapter 11: marketing

Marketing
An organizational function and a set of processes fur creating, communicating, & delivering value to customers & for managing customer relationships in ways that benefit organization and it’s stakeholders
Utility
The ability of goods and services to satisfy consumer wants
Marketing concept
A business philosophy that makes customer satisfaction the central focus
Customer relationship management (CRM)
Ongoing process of acquiring, maintaining, and growing profitable customer relationship by delivering unmatched value
Value
Customer perception that a product has better relationship than it’s competitors between the cost and the benefits
Customer satisfaction
When customers perceive that a good or service delivers value beyond their expectations
Customer loyalty
When customers buy a product from the same supplier again and again
Marketing plan
Document that defines marketing objectives and the specific strategies for achieving those objectives
Marketing segmentation
Dividing potential customers into groups of similar people or segments
Target market
Group of people who are most likely to buy a particular product
Consumer market
Marketers who direct their efforts toward people who are buying products for personal consumption
Business marketers
Marketers who direct efforts toward people who are buying products to use directly or indirect to produce other products
Demographic segmentation
Dividing the market into smaller groups based on characteristics about people, such as age, income, ethnicity, and gender
Geographic segmentation
Dividing the market into smaller groups based on where they live
Psychological segmentation
Dividing the market into smaller groups based on attitude, interests, values, and lifestyle
Behavioral segmentation
Dividing the market into smaller groups based on how people behave toward various products
Marketing mix
The blend of marketing strategies for product, price, distribution, and promotion
Environmental scanning
The process of continually collecting information from the external marketing environment
Market share
The percentage of a market controlled by a given marketer
Consumer behavior
Description of how people act when they’re buying, using, and discarding goods and services for their own consumption
Cognitive dissonance
Consumer discomfort with a purchase decision
Business buyer behavior
Describes how people act when they’re buying products to use either directly or indirect to produce other products
Marketing research
Process of gathering, interpreting, and applying info to uncover marketing opportunities and challenges
Secondary data
Existing data that marketers gather or purchase for research
Primary data
New data that marketers compile for a project
Observation research
Marketing research that doesn’t require researcher to interact with subject
Survey research
Research that requires the researcher to interact with subject
Green marketing
The development and promotion of products with ecological benefits
Mass customization
The creation of products tailored for individual consumers on a mass basis