Marketing Overview

A collection of vocabulary flashcards based on key marketing concepts.

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.

The Four Ps of Marketing

The ingredients that go into a marketing program; includes Product, Price, Place, and Promotion.

Market Segmentation

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

Customer Relationship Management (CRM)

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

Environmental Scanning

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

Niche Marketing

Finding small but profitable market segments and designing or finding products for them.

Primary Data

Data that you gather yourself, not from secondary sources, often collected through surveys, interviews, or focus groups.

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.

Customer Loyalty

The commitment of consumers to continue buying the products or services of a particular brand.