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Business 101-11
Customer-Driven Marketing
30
Business
Undergraduate 1
04/02/2013

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Term
Marketing
Definition
a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas
Term
Exchange
Definition
the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas)
Term
Value
Definition
a customer's subjective assessment of benefits relative to costs in determining the worth of a product
Term
Marketing Concept
Definition
the idea that an organization should try to satisfy customer's needs through coordinated activities that also allow it to achieve its own goals
Term
Market Orientation
Definition
an approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers
Term
Marketing Strategy
Definition
a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers
Term
Market
Definition
a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas
Term
Target Market
Definition
a specific group of consumers on whose needs and wants a company focuses its marketing efforts
Term
Total-Market Approach
Definition
an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs
Term
Market Segmentation
Definition
a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs
Term
Market Segment
Definition
a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires
Term
Concentration Approach
Definition
a market segmentation approach whereby a company develops one marketing strategy for a single market segment
Term
Multisegment Approach
Definition
a market segmentation approach whereby the marketer aims its effort at two or more segments, developing a marketing strategy for each
Term
Marketing Mix
Definition
the four marketing activities--product, price, promotion, and distribution--that the firm can control to achieve specific goals within a dynamic marketing environment
Term
Price
Definition
a value placed on an object exchanged between a buyer and a settler
Term
Distribution
Definition
making products available to customers in the quantities desired
Term
Promotion
Definition
a persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas
Term
Marketing Research
Definition
a systematic, objective process of getting information about potential customers to guide marketing decisions
Term
Primary Data
Definition
marketing information that is observed, recorded, or collected directly from respondents
Term
Secondary Data
Definition
information that is compiled inside or outside an organization for some purpose other than changing the current situation
Term
Buying Behavior
Definition
the decision processes and actions of people who purchase and use products
Term
Perception
Definition
the process by which a person selects, organizes, and interprets information recieved from his or her senses
Term
Motivation
Definition
inner drive that directs a person's behavior toward goals
Term
Learning
Definition
changes in a person's behavior based on information and experience
Term
Attitude
Definition
knowledge and positive or negative feelings about something
Term
Personality
Definition
the organization of an individual's distinguishing character traits, attitudes, or habits
Term
Social Roles
Definition
a set of expectations for individuals based on some position they occupy
Term
Reference Groups
Definition
groups with whom buyers identify and whose values or attitudes they adopt
Term
Social Classes
Definition
a ranking of people into higher or lower positions of respect
Term
Culture
Definition
the integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts
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