Flashcards in Understanding Business Chapter 13 Deck (26):
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.
A three-part business philosophy: (1) a customer orientation. (2) a service orientation. and (3) a profit orientation.
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.
The ingredients that go into a marketing program: product. price. place. and promotion.
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.
The process of testing products among potential users.
A word. letter. or group of words or letters that differentiates one seller's goods and services from those of competitors.
All the techniques sellers use to inform people about and motivate them to buy their products or services.
The analysis of markets to determine opportunities and challenges. and to find the information needed to make good decisions.
Information that has already been compiled by others and published in journals and books or made available online.
Data that you gather yourself (not from secondary sources such as books and magazines).
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.
The process of identifying the factors that can affect marketing success.
All the individuals or households that want goods and services for personal consumption or use.
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.
The process of dividing the total market into groups whose members have similar characteristics.
Marketing directed toward those groups (market segments) an organization decides it can serve profitably.
Dividing a market by cities. counties. states. or regions.
Dividing the market by age. income. education level.
Dividing the market using the group's values. attitudes. and interests.
Dividing the market by determining which benefits of the product to talk about.
Volume ( or usage) Segmentation
Dividing the market by usage (volume of use).
The process of finding small but profitable market segments and designing or finding products for them.
Developing a unique mix of goods and services for each individual customer.
Developing products and promotions to please large groups of people.