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Definition
| A three-part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation. |
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| 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. |
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| Customer Relationship Management (CRM) |
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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. |
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Definition
| The ingrediants that go into a marketing program: product, price, place, and promotion. |
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| 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. |
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| The process of testing products among potential users. |
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Definition
| A word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors. |
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Definition
| All the techniques sellers use to inform people about and motivate them to buy their products or services. |
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Definition
| The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions. |
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Definition
| Information that has already been compiled by others and published in journals and books or made available online. |
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| Data that you gather yourself (not from secondary sources such as books and magazines). |
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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. |
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Definition
| The process of identifying the facotrs that can affect marketing success. |
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Definition
| All the individuals or households that want goods and services for personal consumption or use. |
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| Business-to-Business (B2B) Market |
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Definition
| All the individuals and organizations that want goods and services to use in producing other goods and services to sell, rent, or supply goods to others. |
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Definition
| The process of dividing the total market into groups whose members have similar characteristics. |
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Definition
| Dividing a market by cities, countries, states, or regions. |
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Definition
| Dividing the market by age, income, and education level. |
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| Psychographic Segmentation |
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Definition
| Dividing the market using the group's values, attributes, and interests. |
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Definition
| Dividing the market by determining which benefits of the product to talk about. |
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| Volume (or usage) Segmentation |
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Definition
| Dividing the market by usage (volume of use). |
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Definition
| The process of finding small but profitable market segments and designing or finding products for them. |
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Definition
| Developing a unique mix of goods and services for each individual customer. |
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Definition
| Developing products and promotions to please large groups of people. |
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Term
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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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