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Business110 ch. 11
| Term | Definition |
|---|---|
| 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 |
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