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Definition
| the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
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| a three-part business philosophy: 1) a customer orientation 2) a service orientation 3) a profit orientation |
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| Customer Relationship Management (CRM) |
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Definition
| the process of learning as much as possible about customers and doing everything you can to satisfy them - or even exceed their expectations - with goods and services |
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Definition
| the ingredients that go into a marketing program: product, price, place, and promotion |
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| any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand |
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| the process of testing products among potential users |
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| a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors |
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Definition
| all the techniques sellers use to inform people about and motivate them to buy their products or services |
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| the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions |
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| information that has already been compiled by others and published in journals and books or made available online |
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| data that you gather yourself (no from secondary sources such as books and magazines) |
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| a small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products or other given issues |
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| the process of identifying the factors that can affect marketing success |
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Definition
| all the individuals or households that want goods and services for personal consumption or use |
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| Business-to-Business (B2B) Market |
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Definition
| 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 |
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Definition
| the process of dividing the total market into groups whose members have similar characteristics |
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Definition
| marketing directed toward those groups (market segments) an organization decides it can serve profitably |
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| dividing a market by cities, counties, states, or regions |
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Definition
| dividing the market by age, income and educational level |
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| Psychographic Segmentation |
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Definition
| dividing the market using the group's values, attitudes, and interests |
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Definition
| dividing the market by determining which benefits of the product to talk about |
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| Volume (or usage) Segmentation |
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Definition
| dividing the market by usage (volume of use) |
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Definition
| the process of finding small but profitable market segments and designing or finding products for them |
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Definition
| developing a unique mix of goods and services for each individual customer |
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Definition
| developing products and promotions to please large groups of people |
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Definition
| marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements |
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