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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 |
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Definition
A three-part business philosophy: - A customer orientation
- A service orientation
- A profit orientation
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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 over time |
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Definition
| The ingredients 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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| 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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| All the techniques sellers use to motivate people to buy their products or services |
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| The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions |
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| 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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| 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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| The process of identifying the factors 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 or 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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| Marketing directed toward those groups (market segments) an organization decides it can serve profitably |
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Definition
| Dividing the market by geographic area |
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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, attitudes, 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 (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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Definition
| Marketing strategy with goal of keeping individual customers over time by offering them products that exactly meet their requirements |
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