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
Studied by 1 person
