Management 100 – Chapter 14: Marketing

Marketing
A set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships
Marketing Concept
A three-part business philosophy: 1)A customer orientation, 2)A service orientation, and 3)A profit orientation
Market Orientation
Focusing efforts on 1)Continuously collecting information about customers’ needs and competitors’ capabilities, 2) sharing this information throughout the organization, and 3) using the information to create value, ensure customer satisfaction, and develop customer relationships
Customer-Relationship Management
The process of building long-term relationships with customers by delivering customer value and satisfaction
Social Media
The term commonly given to websites and nine tools that allow users to interact with each other in some way-by sharing information, opinions, knowledge, and interests
Social Media Marketing
Consumer-generated online-marketing efforts to promote brands and companies for which they are fans and the use by marketers of line tools and marketers of online tools and platforms to promote their brands or organizations
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
Brand Name
A word, letter, or group of words or letters that differentiates one seller’s goods or services from those of competitors
Price
The money or other consideration exchanged for the ownership or use of a good or service
Promotion
All of the techniques sellers use to motivate customers to buy their products
Marketing Research
The analysis of market to determine opportunities and challenges, and to find the information needed to make good decisions
Secondary Data
Information that has already been compiled by others and published in journals and books or made available online
Primary Data
Data that you gather yourself
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 issues
Observation
Involves watching, wither mechanically or in person how people behave
Environmental Scanning
The process of identifying the factors that can affect marketing success
Consumer Market
All individuals or households that want goods and services or personal consumption or use
Business – to – Business Market
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
Market Segmentation
The process of dividing the total market into groups whose members have similar characteristics
Target Marketing
Marketing directed towards those groups an organization decides it can serve profitably
Geographic Segmentation
Dividing the market by geographical area
Demographic Segmentation
Dividing the market by age, income, and education level
Psychographic Segmentation
Dividing the market using the group’s values, attitudes, and interests
Behavioral Segmentation
Dividing the market based on behavior with or towards a product
Niche Marketing
The process of finding small but profitable market segments and designing or finding products for them
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
Relationship Marketing
Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements