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Business Chapter 13

QuestionAnswer
relationship marketing marketing strategy with the goal of keeping individual customers overtime by offering them products that exactly meet their requirements
mass marketing developing products and promotions to please large groups of people
niche marketing the process of finding small but profitable market segments and designing or finding products for them
one to one marketing developing a unique mix of goods and services for the individual customers
benefit segmentation dividing the market by determining which benefits of the product to talk about
volume segmenation dividing the market by usage
psychographic segmentation dividing the market using group values, attitudes and interests
demographic segmentation dividing the market by age, income, and education level
geographic segmentation diving a market by cities, counties, states, or regions
target marketing marketing directed toward those groups an organization decides it can serve profitably
market segmentation the process of dividing the total market into groups whose members have similar characteristics
business to business market all the individuals and organizations what want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others
consumer market all the individuals or households that want goods and services for personal consumption or use
enviromental scanning the process of identifying the factors that can affect marketing success
focus group a small group of people who meet uunder the direction of discussion leader to communicate their opinions about an organization, it products, or other given issues
marketing the activity set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and soceity at larfe
marketing concept a three part business philosophy a custmers orientation, aservice orientation, and a profit orientation
customer relationship management 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
marketing mix the ingredients that go into marketing program, product, price, place, and promotion
product any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of customers such as the brand
test marketing the process of testng products amoung potential users
brand name a word, letter, or group of words that differentaites one sellers goods and services from those of competitors
promotion all the techniques sellers use to inform people about and motivate them to buy their products or services
marketinng research the analysis of markets to determine opporunities and challenges and to find the information needed to make good decisions
primary data data that you gather yourself
secondary data information that has already been compiled by others and published in journals and books mae available online
Created by: lrb2590
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