Chapter 13 Marketing Concepts and Strategies

A set of 50 vocabulary flashcards summarizing key marketing concepts and strategies.

Marketing

The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.

Marketing Concept

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

Customer Orientation

Finding out what consumers want and providing it.

Service Orientation

Making customer satisfaction the responsibility of everyone in an organization.

Profit Orientation

Focusing on goods and services that will earn the most profit.

Customer Relationship Management (CRM)

The process of learning about customers and exceeding their expectations over time.

Production Era

A period focused on producing as much as possible due to high demand.

Selling Era

A time when the focus was on selling and advertising to persuade customers.

Marketing Concept Era

When businesses began focusing on customer satisfaction and long-term relationships.

Customer Relationship Era

A phase focusing on building long-term relationships and loyalty through CRM and technology.

Mobile/On-Demand Marketing Era

An era where consumers expect to interact with companies anytime, anywhere through digital channels.

Nonprofit Marketing

Marketing activities by organizations whose goal is to serve public or social causes.

Marketing Mix

The blend of product, price, place, and promotion used to satisfy customer needs.

Product

Any good, service, or idea that satisfies a want or need, including branding and packaging.

Price

The value placed on a product, depending on cost, competition, and customer perception.

Place (Distribution)

How products are made available to customers through channels.

Promotion

Techniques used to inform and motivate customers to buy, like advertising.

Concept Testing

Developing a product idea and testing it with potential customers.

Test Marketing

Testing new products among potential users before full launch.

Brand Name

A word, letter, or combination that differentiates a seller's goods.

Intermediaries / Marketing Middlemen

Organizations that help move goods from producers to consumers.

Marketing Research

The analysis of markets to identify opportunities and decision-making information.

Secondary Data

Information already collected by others, used as a first research step.

Primary Data

Information gathered directly by researchers through surveys or observations.

Focus Group

A small guided discussion used to gather opinions about a product.

Environmental Scanning

The process of identifying external factors affecting marketing success.

Global Factors

International trade, culture, and competition influencing marketing.

Technological Factors

Innovations and tools that impact marketing practices, like the internet.

Sociocultural Factors

Demographics, values, and cultural changes that influence consumer behavior.

Competitive Factors

Competitors’ actions and strategies that influence market conditions.

Economic Factors

Economic conditions that affect buying power, like income levels.

Consumer Market

Individuals or households buying goods for personal use.

Business-to-Business (B2B) Market

Organizations buying goods or services for production or resale.

Market Segmentation

Dividing a market into groups with similar characteristics.

Target Marketing

Directing marketing efforts toward specific profitable groups.

Geographic Segmentation

Dividing markets by location, such as city or region.

Demographic Segmentation

Dividing markets by measurable factors like age and income.

Psychographic Segmentation

Dividing markets by values, attitudes, and interests.

Benefit Segmentation

Dividing markets by the benefits consumers seek from products.

Volume (Usage) Segmentation

Dividing markets based on usage level or frequency of use.

Niche Marketing

Focusing on small but profitable market segments with customized products.

One-to-One Marketing

Developing unique mixes of goods and services for individual customers.

Mass Marketing

Designing products to appeal to large groups of people.

Relationship Marketing

Building long-term customer loyalty through personalized products.

Learning (Consumer Behavior)

Changes in behavior from experience and information.

Reference Group

A group used as a standard for forming attitudes and behaviors.

Culture

Values, attitudes, and behaviors shared by a society.

Subculture

Values and attitudes shared by members of a smaller group within a culture.

Cognitive Dissonance

Psychological conflict after a purchase, such as buyer’s remorse.

B2B Marketers

Marketers selling goods and services to businesses.

Industrial Goods and Services

Products used in producing other goods or services.

Geographic Concentration (B2B)

B2B buyers often cluster in certain regions or industries.

Rational Decision-Making (B2B)

Business buyers are more logical and data-driven.

Direct Sales

B2B transactions occurring directly between buyers and sellers.

Personal Selling

Face-to-face sales efforts typical in B2B marketing.