Intro to Business

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Intro to Business
2013-11-03 18:07:13
chapter 12

ch 12
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  1. Marketing
    The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
  2. Relationship Marketing
    Establishing long-tern, mutually satisfying buyer-seller relationships
  3. Customer Relationship Management (CRM)
    Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
  4. Customer Lifetime Value
    A measure of a customer's worth (sales minus costs) to a business over one's lifetime
  5. Utility
    The ability of a good or service to satisfy a human need
  6. Marketing Concept
    A business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allow the firm to achieve its objectives
  7. Production Orientation/Sales Orientation
    Production Orientation- Emphasis on increased output production efficiently

    Sales Orientation- Focus on increased advertising, enlarged sales forced, and high-pressure selling technique
  8. Market
    a group of individuals or organizations or both, that need products in given category and that have the ability, willingness, and authority to purchase such products
  9. Marketing Strategies
    A plan that will enable and organization to make the best use of its resources and advantages to meet its objectives
  10. Marketing mix
    Combination of Product, price, distribution, and promotion developed to satisfy a particular target market
  11. Target Market
    A group of individuals that are suitable for a product or service
  12. Market Segment/Market segmentation
    Market Segment- Group of individuals that share one or more common characteristics within a market

    Market Segmentation is the process of dividing a market
  13. Marketing Plan
    An organization objectives, or strategy used to created a specific product
  14. Sales Forecast
    An estimate of the amount of product that an organization expects to sell during a certain period of time
  15. Marketing Information System
    A system for managing marketing information that is gathered continually from internal and external sources
  16. Marketing Research
    The process of systematically gathering, recording, and analyzing data concerning a particular marketing problem
  17. Consumer/Business Buying Behavior
    Consumer buying Behavior- The purchasing of personal or household use

    Business Buying Behavior-The purchasing of products by Producers, Resellers, Governmental units and Institutions
  18. Personal/Disposable/Discretionary Income
    Personal Income- The income an individual receives from all sourcesĀ 

    Disposable Income- Personal income minus personal taxes

    Discretionary Income- Disposable income minus saving and expenditures on food clothing and housing