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2012-06-11 18:37:33
Ch13 Terms

Business Ch13 Terms
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  1. Benefit segmentation
    Dividing the market by determining which benefits of the product to talk about.
  2. Brand name
    A word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors. Part of Product.
  3. Business-to-business (B2B) 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.
  4. Consumer market
    All the individuals or households that want goods and services for personal consumption or use.
  5. 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.
  6. Demographic segmentation
    Dividing the market by age, income, and education level.
  7. Environmental scanning
    The process of identifying the factors that can affect marketing success.
  8. 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.
  9. Geographic segmentation
    Dividing a market by cities, counties, states, or regions.
  10. Marketing
    The activity, set of institutions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
  11. Marketing concept
    A three-part business philosophy: 1. A customer orientation, 2. A service orientation, and 3. A profit orientation.
  12. Marketing mix
    The ingredients that go into a marketing program: product, price, place, and promotion.
  13. Marketing research
    The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions. Defining question, collecting research data (two types), analyzing data, choosing best solution and implementing it.
  14. Market segmentation
    The process of dividing the total market into groups whose members have similar characteristics. Types of segmentation: geographic, demographic, psychographic, benefit, and volume.
  15. Mass marketing
    Developing products and promotions to please large groups of people.
  16. Niche marketing
    The process of finding small but profitable market segments and designing or finding products for them.
  17. One-to-one marketing
    Developing a unique mix of goods and services for each individual customer.
  18. Primary data
    Data that you gather yourself (not form secondary sources such as books and magazines). IE interviews, surveys, focus groups, customer comments, questionnaires, observation, and letters from customers.
  19. 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.
  20. Promotion
    All the techniques sellers use to inform people about and motivate them to buy their products or services.
  21. Psychographic segmentation
    Dividing the market using the group's values, attitudes, and interests.
  22. Relationship marketing
    Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.
  23. Secondary data
    Information that has already been compiled by others and published in journals and books or made available online. IE. Magazines, newspapers, internal sources, general sources, and publications.
  24. Target marketing
    Marketing directed towards those groups (market segments) an organization decides it can serve profitably.
  25. Test marketing
    The process of testing products among potential users. Part of Product.
  26. Volume (or usage) segmentation
    Dividing the market by usage (volume of use).
  27. Evolution of Marketing
    • Production Era: (Early US-early 1900's):Produce as much as possible, because of limitless market'
    • Sales Era: (1920's-1970's) Emphasized selling and advertising to persuade consumers.
    • Marketing Concept Era: (1950's- 1990's): Customer orientation, service orientation, profit orientation.
    • Customer Relationship Era: (1990's-now) Customer relationship management (CRM)
  28. Marketing Environment
    • Sociocultural: population shifts, values, attitudes, trends.
    • Competitive: speed, service, price, selection.
    • Economic: GDP, disposable income, competition, unemployment.
    • Global: trade agreements, competition, trends, opportunities, internet.
    • Technological: computers, telecommunications, bar codes, data interchange, internet changes.