Chapter 13: Marketing - Helping Buyers Buy

A collection of vocabulary flashcards based on Chapter 13 of the BUS 101 lecture on Marketing.

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.

Production Era

A marketing philosophy emphasizing the production of goods as quickly and cheaply as possible, believing there was a limitless market for products.

Selling Era

A marketing approach focused on persuading consumers to buy existing products through selling and advertising with little service afterward.

Marketing Concept

A philosophy that businesses must be responsive to customers' needs and wants, consisting of customer orientation, service orientation, and profit orientation.

Customer Relationship Management (CRM)

A strategy for managing a company's interactions with current and future customers, focusing on learning about customers to exceed their expectations.

The Marketing Mix

The set of actions or tactics a company uses to promote its brand or product in the market, traditionally defined as the four Ps: Product, Price, Place, and Promotion.

Market Segmentation

The practice of dividing a market into identifiable groups of consumers who share similar characteristics.

Niche Marketing

A marketing strategy that focuses on a small, specific segment of a population, providing tailored products or services for that group.

Secondary Data

Information that has already been gathered and published by others, such as statistics and reports.

Primary Data

Data that is collected firsthand by researchers for a specific purpose, often through methods like surveys and interviews.