BusCh13

Marketing

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

Marketing concept

A three-part business philosophy: 1) a customer orientation, 2) a service orientation, and 3) a profit organization

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

Marketing mix

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

Product

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

Test marketing

The process of testing products among potential users

Brand name

A word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors

Promotion

All the techniques sellers use to inform people about and motivate them to buy their products or services

Marketing research

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

Secondary data

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

Primary data

Data that you gather yourself, not from secondary sources such as books and magazines

Focus group

A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, it's products, or other given issues

Environmental scanning

The process of identifying the factors that can affect marketing success

Consumer market

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

Market segmentation

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

Target marketing

Marketing directed toward those groups, market segments, an organization decides it can serve profitably

Geographic segmentation

Dividing a market by cities, counties, states, or regions

Demographic segmentation

Dividing the market by age, income, and education level

Psychographic segmentation

Dividing the market using groups' values, attitudes, and interests

Benefit segmentation

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

Niche marketing

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

One-to-one marketing

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

Mass marketing

Developing products and promotions to please large groups of people

Relationship marketing

Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements

Power pull

A shift in marketing from "helping the seller sell" to "helping the buyer buy";
The marketing effort provides as much information to the buyer as possible to help make a buying decision

1 product
2 price for
3 place of
4 promoting of

Four factors-marketing mix

Effective marketing

Learn about your customers and exceed their expectations"; customer orientation

Four eras of marketing

1. the production era
2. the selling era
3. the marketing concept era
4. the customer relationship era

Market research

Helps identify what products customers have purchased in the past and what changes have occurred to alter what they want now and what they're likely to want in the future

Global
Technological
Sociocultural
Competitive
Economic

Factors of environmental scanning

Growth of consumer databases, blogs, and social networks

The most important technological change likely to affect marketing success of many firms

Characteristic of B2B market

Business buyers are generally more rational and less emotional than individual customers. They use product specifications to guide buying choices, and weigh the total product offer