Chapter 11 Vocab - BCOR 199

benefit segmentation

dividing the market by determining which benefits of the product to talk about

brand name

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

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

consumer market

all the individuals or households that want goods and services for personal consumption or use

customer relationship management (CRM)

the process of learning as much as possible about customers and doing everything you can over time to satisfy them - or even exceed their expectations - with goods and services

demographic segmentation

dividing the market by age, income, and education level

environmental scanning

the process of identifying the factors that can affect marketing success

focus group

a small group of people who meet under the direction of a discussion leader to communicate their opinion about an organization, its products, or other given issues

geographic segmentation

dividing the market by cities, counties, states, or regions

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 orientation

marketing mix

the ingredients that go into a marketing program: products, price, place, and promotion

marketing research

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

market segmentation

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

mass marketing

developing products and promotions to please large groups of people

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

primary data

data that you gather yourself (not from secondary sources such as books and magazines)

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 name

promotion

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

psychographic segmentation

dividing the market using the group's values, attitudes and interest

relationship marketing

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

secondary data

information that has already been compiled by others and published in journals and books or made available online

target marketing

marketing directed toward those groups (market segments) an organization decides it can serve profitably

test marketing

the process of testing products among potential users

volume (or usage) segmentation

dividing the market by usage (volume of use)