Marketing: Helping Buyers Buy

Flashcards covering key vocabulary and concepts from the lecture notes.

Marketing

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

Marketing Concept

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

Customer Relationship Management (CRM)

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

Marketing Mix

The ingredients that go into a marketing program, also known as the four Ps: Product, Price, Place, and Promotion.

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.

Brand Name

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

Promotion

All the techniques sellers use to inform people about and motivate them to buy their products or services; includes advertising, personal selling, public relations, publicity, word of mouth, and sales promotions.

Marketing Research

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

Secondary Data

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

Primary Data

Data that you gather yourself (not from secondary sources) through methods like surveys, interviews, and focus groups.

Focus Group

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

Environmental Scanning

The process of identifying factors that can affect marketing success, including global, technological, sociocultural, competitive, and economic factors.

Consumer Market

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

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.

Market Segmentation

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

Target Marketing

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

Geographic Segmentation

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

Demographic Segmentation

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

Psychographic Segmentation

Dividing the market using the group’s values, attitudes, and interests.

Benefit Segmentation

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

Volume/Usage Segmentation

Dividing the market by usage volume.

Niche Marketing

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 consumer.

Mass Marketing

Developing products and promotions to please large groups of people.

Relationship Marketing

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