Chapter 11 Vocab - BCOR 199

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26 Terms

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benefit segmentation

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

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brand name

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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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

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consumer market

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

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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

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demographic segmentation

dividing the market by age, income, and education level

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environmental scanning

the process of identifying the factors that can affect marketing success

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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

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geographic segmentation

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

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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

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marketing concept

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

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marketing mix

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

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marketing research

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

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market segmentation

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

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mass marketing

developing products and promotions to please large groups of people

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niche marketing

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

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one-to-one marketing

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

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primary data

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

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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

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promotion

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

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psychographic segmentation

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

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relationship marketing

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

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secondary data

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

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target marketing

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

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test marketing

the process of testing products among potential users

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volume (or usage) segmentation

dividing the market by usage (volume of use)