10.1 Key Terms

marketing

Consists of dynamic activities that identify, anticipate, and satisfy customer demand while making a profit

marketing concept

Approach to business that focuses on satisfying customers as the means of achieving profit goals

customer experience (CX)

Relationship the customer has with a good, service, or company

employee engagement

Emotional connection or commitment of the employee to the employer

four Ps of marketing

Marketing elements of product, price, place, and promotion

product

Anything that can be bought or sold

price

Amount of money requested or exchanged for a product

place

Includes the activities involved in getting goods and services to customers

promotion

Process of communicating with potential customers in an effort to influence their buying behavior

target market

Specific group of customers whose needs a company will focus on satisfying

marketing strategy

Plan that helps a business meet its overall goals and objectives

marketing plan

Document describing business and marketing objectives and the strategies and tactics to achieve them

market segmentation

Process of dividing the market into smaller groups

geographic segmentation

Segmenting a market based on where customers live

demographic segmentation

Dividing the market of potential customers by their personal statistics

psychographic segmentation

Dividing the market by certain preferences or lifestyle choices

behavioral segmentation

Dividing a market by the relationships between customers and the good or service

customer profile

Detailed description of the typical consumer in a market segment

mass marketing

Marketing to a larger group of people who might buy a product

marketing mix

Strategy for using the elements of product, price, place, and promotion