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Business Chapter 13
| Question | Answer |
|---|---|
| relationship marketing | marketing strategy with the goal of keeping individual customers overtime by offering them products that exactly meet their requirements |
| mass marketing | developing products and promotions to please large groups of people |
| 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 the individual customers |
| benefit segmentation | dividing the market by determining which benefits of the product to talk about |
| volume segmenation | dividing the market by usage |
| psychographic segmentation | dividing the market using group values, attitudes and interests |
| demographic segmentation | dividing the market by age, income, and education level |
| geographic segmentation | diving a market by cities, counties, states, or regions |
| target marketing | marketing directed toward those groups an organization decides it can serve profitably |
| market segmentation | the process of dividing the total market into groups whose members have similar characteristics |
| business to business market | all the individuals and organizations what 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 |
| enviromental scanning | the process of identifying the factors that can affect marketing success |
| focus group | a small group of people who meet uunder the direction of discussion leader to communicate their opinions about an organization, it products, or other given issues |
| marketing | the activity set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and soceity at larfe |
| marketing concept | a three part business philosophy a custmers orientation, aservice orientation, and a profit orientation |
| customer relationship management | 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 |
| marketing mix | the ingredients that go into marketing program, product, price, place, and promotion |
| product | any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of customers such as the brand |
| test marketing | the process of testng products amoung potential users |
| brand name | a word, letter, or group of words that differentaites one sellers goods and services from those of competitors |
| promotion | all the techniques sellers use to inform people about and motivate them to buy their products or services |
| marketinng research | the analysis of markets to determine opporunities and challenges and to find the information needed to make good decisions |
| primary data | data that you gather yourself |
| secondary data | information that has already been compiled by others and published in journals and books mae available online |
Created by:
lrb2590
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