Customer-Driven Marketing

Flashcards covering key vocabulary related to customer-driven marketing concepts.

Marketing

A group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas.

Exchange Relationship

Giving up one thing in return for something else, where each participant must be willing to give up something of value.

Functions of Marketing

Includes buying, selling, transporting, storing, grading, financing, marketing research, and risk taking.

Value

Subjective worth that a customer perceives in a product, calculated as Customer Value = Customer Benefits – Customer Costs.

Customer Value

The balance of benefits received against costs incurred, allowing individuals and organizations to obtain what they need and want.

Marketing Concept

The idea that an organization should try to satisfy customer needs through coordinated activities while achieving its own goals.

Target Market

A specific group of customers that a company focuses its marketing efforts on.

Market Segmentation

The process of dividing the total market into groups that share one or more characteristics, leading to relatively similar needs and desires.

B2B Markets

Business-to-business markets where businesses buy products to resell, use in operations, or use in producing other products.

B2C Markets

Business-to-consumer markets where products are marketed directly to end consumers.

Demographic Segmentation

Dividing markets based on demographic factors such as age, gender, income, and education level.

Psychographic Segmentation

Segmentation based on personality characteristics, motives, lifestyle, and other psychological attributes.

Marketing Mix

The combination of product, price, promotion, and distribution (place) that a company uses to market its products.

Primary Data

Data that is observed, recorded, or collected directly from subjects.

Secondary Data

Data that has been compiled inside or outside the organization, such as census data or market research reports.

Niche Marketing

Focusing efforts on a narrow market segment with a specific and well-defined set of needs.

Buying Behavior

The analysis of how consumers make purchasing decisions influenced by psychological and social variables.

Digital Marketing

The use of digital channels like social media, websites, and online surveys to enhance customer relationships and market products.