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) customer orientation 2) service orientation 3) 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
custom-managed relationships (CMR)
allows customers to have the power to build relationships with suppliers and consumers
marketing mix
product, price, place, 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 the 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
intermediaries
the middle links in a series of organizations that distributes the goods from the producer to the consumer
promotion
all of the techniques sellers use to inform people about and motivate them to buy their products or services
marketing research process
1) defining the question and determining the present situation 2) collecting research data 3) analyzing research data 4) choosing the best solution and implementing it
secondary data
information that has already been complied by others and published in journals and books or made available online
primary data
data that you gather yourself and not from a secondary source
focus group
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
environment scanning
the process of identifying the factors that can affect marketing successes
consumer market
all the individuals or households that want goods and services for personal consumption or use
business-to-business 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 segmentation
dividing the market by usage
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