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Business110 ch. 11

TermDefinition
green marketing the development and promotion of products with ecological benefits
mass customization the creation of products tailored for individual consumers on a mass basis
marketing 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
utility The ability of goods and services to satisfy wants.
marketing concept a philosophy that makes customer satisfaction—now and in the future—the central focus of the entire organization.
customer relationship management CRM the ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value
customer satisfaction when customers perceive that a good or service delivers value beyond their expectations
customer loyalty when customers buy a product from that same supplier again and again-- sometimes paying even more for it than they would for a competitive product
marketing plan a formal document that defines marketing objectives and the specific strategies for achieving those objectives
market segmentation dividing potential customers into groups of similar people, or segments
target market the group of people who are most likely to buy a particular product
consumer marketers B2C Products for personal consumption
business marketers B2B Products used directly or indirectly to produce other products
demographic segmentation dividing the market into smaller groups based on measurable characteristics about people, such as age, income, ethnicity, and gender
geographic segmentation dividing the market into smaller groups based on where consumers live.
psychographic segmentation dividing the market into similar groups based on consumer attitudes, interests, values, and lifestyles
behavioral segmentation dividing the market based on how people behave toward various products
marketing mix the blend of marketing strategies for product, price, distribution, and promotion
environmental scanning the process of continuously collecting information from the external marketing environment
market share the percentage of a market controlled by a given marketer
consumer behavior description of how people act when they are buying, using and discarding goods and services for their own personal consumption. also explores the reasons behind ppl's actions
cognitive dissonance consumer discomfort with a purchase decision, typically for a high priced item
business buyer behavior Buying products to produce other products
marketing research involves gathering, interpreting, and applying information to uncover opportunities and challenges
secondary data existing data that marketers gather or purchase for a research project
primary data new data that marketers compile for a specific research project
observation research the researcher does not directly interact with the research subject
survey research – the researcher does interact with the research subjects
value a customer perception that a product has a better relationship than its competitors between the cost and the benefits
Created by: 1681503045
 

 



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