Chapter 11-Customer-Driven Marketing Flashcards
marketing
a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas
Exchange
the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas)
Value
a customer’s subjective assessment of benefits relative to costs in determining the worth of a product
Marketing Concept
the idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals
Market Orientation
an approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that long-term relationships with customers
Marketing Strategy
a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers
Market
a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas
Target Market
a specific group of consumers on whose needs and wants a company focuses its marketing efforts
Total-market approach
an approach wherby a firm tries to apppeal to everyone and assumes that all buyers have similar needs
Market Segmentation
a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs
Market Segment
a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires
Concentration Approach
a market segmentation approach whereby a company develops one marketing strategy for a single market segment
Multisegment Approach
a market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each
Marketing Mix
the four marketing activities - product, price, promotion, and distribution - that the firm can control to achieve specific goals within a dynamic marketing environment
Price
a value placed on an object exchanged between a buyer and a seller
Distribution
making products available to customers in the quantities desired
Promotion
a persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas
Marketing Research
a systematic, objective process of getting information about potential customers to guide marketing decisions
Primary Data
marketing information that is observed, recorded, or collected form respondents
Secondary Data
information that is compiled inside or outside an organization for some purpose other than changing the current situation
Buying Behavior
the decision processes and actions of people who purchase and use products
Perception
the process by which a person selects, organizes, and interprets information received from his or her sense
Motivation
inner drive that directs a person’s behavior toward goals
Learning
changes in a person’s behavior based on information and experience
