Chapter 13 study guide

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32 Terms

1

Benefit segmentation

Dividing the market by determining which benefits of the product to talk about.

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2

Brand name

A word, letter, or group of words or letters that differentiate one seller's goods and services from those of competitors.

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3

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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4

Consumer market

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

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5

Customer relationship management (CRM)

Learning as much as possible about customers and doing everything you can to satisfy or exceed their expectations.

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6

Demographic segmentation

Dividing the market by age, income, and education level.

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7

Environmental scanning

The process of identifying factors that can affect marketing success.

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8

Focus group

A small group of people who meet under the direction of a discussion leader to communicate opinions.

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9

Geographic segmentation

Dividing the market by cities, countries, states, or regions.

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10

Marketing

The activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings with value for customers, clients, parents, and society at large.

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11

Marketing concept

A three-part business philosophy involving customer orientation, service orientation, and profit orientation.

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12

Marketing mix

The ingredients that go into a marketing program; also known as the four P’s: Product, price, place, promotion.

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13

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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14

Market segmentation

Dividing the total market into groups whose members have similar characteristics.

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15

Mass marketing

Developing products and promotions to please large groups of people.

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16

Niche marketing

Finding small but profitable market segments and designing or finding products for them.

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17

One-to-one marketing

Developing a unique mix of goods and services for each individual consumer.

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18

Primary data

Data that you gather yourself.

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19

Product

Any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers.

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20

Promotion

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

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21

Psychographic segmentation

Dividing the market using the groups values, attitudes, and interests.

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22

Relationship marketing

Keeping individual customers over time by offering them products that exactly meet their requirements.

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23

Secondary data

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

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24

Target marketing

Marketing directed toward those groups an organization decides it can serve profitably.

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25

Test marketing

Testing products among potential users.

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26

Volume segmentation

Dividing the market by usage (volume of use).

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27

What is the main purpose of marketing today?

To help buyers buy, often accomplished by cultivating customer relationships.

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28

What are the four eras of marketing evolution?

Production, Selling, Marketing concept, and Customer relationship.

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29

What defines the production era philosophy?

Produce as much as you can, because there is a limitless market for it.

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30

What is concept testing?

Developing an accurate product description and soliciting feedback to gauge appeal.

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31

What are promotion techniques used in marketing?

Advertising, personal selling, public relations, publicity, word of mouth, and sales promotions.

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32

What distinguishes B2B marketing from B2C marketing?

Business buyers have their own decision-making processes compared to individual consumers.

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