Chapter 14 Marketing Flashcards Preview

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Flashcards in Chapter 14 Marketing Deck (33):
1

Marketing concept

A three-part business philosophy: 1. a customer orientation
2. a service orientation
3. profit orientation

2

Marketing Orientation

Focusing efforts on 1. continuously collecting information about customer needs and competitors capabilities 2. Sharing this information throughout the organization 3. Using the information to create value, ensure customer satisfaction and develop customer relationships

3

Customer Relationship Management

Process of building longterm relationships with customers by delivering customer value and satisfaction

4

Social Media

Term given to websites and online tools that allow users to interact with each-other in some way by sharing information, opinions, knowledge and interests

5

Social Media Marketing

Promoting brands online

6

Marketing Mix

The ingredients that go into a marketing program: product, price, place and promotion

7

Product

Any physical good or service or idea that satisfies a want or need

8

Test Marketing

The process of testing products among potential users

9

Brand Name

A word, letter or group of words or letters that differentiates one sellers goods or services from those competitiors

10

Price

The money or other consideration exchanged for ownership or use of good or service

11

Promotion

All of the techniques sellers use to motivate customers tp buy their products

12

Marketing Research

The analysis of markets to determine opportunities and challenges and to find information needed to make good decisions

13

Secondary Data

Information that has already been compiled by others and published in journals and books or made available online

14

Primary Data

Data that you gather yourself

15

Focus Group

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

16

Environmental Scanning

Process of identifying the factors that can affect marketing success

17

Consumer Market

All individuals or households that want goods and services for personal consumption or use

18

Business to Business Market

Organizations selling goods or services to other organizations

19

Market Segmentation

Process of dividing the total market into groups whose members have similar characteristics

20

Target Market

Marketing directed towards those groups an organization decides it can serve profitably

21

Geographic Segmentation

Dividing market by geographic area

22

Demographic Segmentation

Dividing market by age, income and education level

23

Psychographic Segmentation

Dividing market using a groups values, attitudes and interests

24

Behavioural Segmentation

Dividing market based on behaviour towards a product

25

Marketing

A set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationships

26

Niche Marketing

Process of finding small but profitable market segments and designing or finding products for them

27

One to One Marketing

Develop a unique mix of goods and services for each individual customer

28

Mass Marketing

Developing products and promotions to please a large group of people

29

Relationship Marketing

Marketing strategy with the goal of keeping individual customers over time by offering product that exactly meets their needs

30

Niche Marketing

Process of finding small but profitable market segments and designing or finding products for them

31

One to One Marketing

Develop a unique mix of goods and services for each individual customer

32

Mass Marketing

Developing products and promotions to please a large group of people

33

Relationship Marketing

Marketing strategy with the goal of keeping individual customers over time by offering product that exactly meets their needs