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Chapter 13
Marketing
26
Business
Undergraduate 1
10/25/2011

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Term
Marketing Mix
Definition
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
Term
Marketing Concept
Definition
a three-part business philosophy: 1) a customer orientation 2) a service orientation 3) a profit orientation
Term
Customer Relationship Management (CRM)
Definition
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
Term
Marketing Mix
Definition
the ingredients that go into a marketing program: product, price, place, and promotion
Term
Product
Definition
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
Term
Test Marketing
Definition
the process of testing products among potential users
Term
Brand Name
Definition
a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors
Term
Promotion
Definition
all the techniques sellers use to inform people about and motivate them to buy their products or services
Term
Marketing Research
Definition
the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions
Term
Secondary Data
Definition
information that has already been compiled by others and published in journals and books or made available online
Term
Primary Data
Definition
data that you gather yourself (no from secondary sources such as books and magazines)
Term
Focus Group
Definition
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
Term
Environmental Scanning
Definition
the process of identifying the factors that can affect marketing success
Term
Consumer Market
Definition
all the individuals or households that want goods and services for personal consumption or use
Term
Business-to-Business (B2B) Market
Definition
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
Term
Market Segmentation
Definition
the process of dividing the total market into groups whose members have similar characteristics
Term
Target Marketing
Definition
marketing directed toward those groups (market segments) an organization decides it can serve profitably
Term
Geographic Segmentation
Definition
dividing a market by cities, counties, states, or regions
Term
Demographic Segmentation
Definition
dividing the market by age, income and educational level
Term
Psychographic Segmentation
Definition
dividing the market using the group's values, attitudes, and interests
Term
Benefit Segmentation
Definition
dividing the market by determining which benefits of the product to talk about
Term
Volume (or usage) Segmentation
Definition
dividing the market by usage (volume of use)
Term
Niche Marketing
Definition
the process of finding small but profitable market segments and designing or finding products for them
Term
One-to-One Marketing
Definition
developing a unique mix of goods and services for each individual customer
Term
Mass Marketing
Definition
developing products and promotions to please large groups of people
Term
Relationship Marketing
Definition
marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements
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