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Understanding Business: Chapter 13
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26
Accounting
Undergraduate 1
06/01/2009

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Term
marketing
Definition
The process of planning and executing the conception, pricing, promotion and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives.
Term
marketing concept
Definition
A three-part business philosophy: (1) a customer orientation, (2) a service orientation, and (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 over time.
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 motivate people 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 (not 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 the market by geographic area.
Term
demographic segmentation
Definition
Dividing the market by age, income, and education 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 the exactly meet their requirements.
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