Understanding Business 9e - Chapter 13 Flash Cards

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Title: Understanding Business 9e - Chapter 13
Description: Fall 2011
Number of Cards: 26
Save Count: 0
Author: akasper089
Created: 2011-12-06
Tags: business
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    • Question
    • Answer
    • Side 3
    • Benefit Segmentation
    • dividing the market by determining which benefits of the product to talk about
    • Brand Name
    • a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors
    • 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
    • Consumer Market
    • all the individuals or households that want goods and services for personal consumption or use
    • Customer relationship Management (CRM)
    • 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 over time
    • Demographic Segmentation
    • dividing the market by age, income, and education level
    • Environmental Scanning
    • the process of identifying the factors that can affect marketing success
    • Focus Group
    • 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
    • Geographic Segmentation
    • dividing the market by geographic area
    • Marketing
    • the process of planning and executing the conception, pricing, promotion, and distribution of goodsand services to facilitate exchanges that satisfy individual and organizational objectives
    • Marketing Concept
    • a three-part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation
    • Marketing Mix
    • the ingredients that go into a marketing program; product, price, place, and promotion
    • Marketing Research
    • the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions
    • Market Segmentation
    • the process of dividing the total market into groups whose members have similar characteristics
    • 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 each individual customer
    • Primary Data
    • data that you gather yourself (not from secondary sources such as books or magazines)
    • Product
    • 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
    • Promotion
    • an effort from marketers to inform and remind people in the target market about products and to persuade them to participate in an exchange
    • Psychographic Segmentation
    • dividing the market using the group's values, attitudes, and interests
    • Relationship Marketing
    • marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements
    • Secondary Data
    • information that has already been compiled by others and published in journals and books or made available online
    • Target Data
    • marketing directed towards those groups (market segments) an organization decides it can serve profitably
    • Test Marketing
    • the process of testing products among potential users
    • Volume (or Usage) Segmentation
    • dividing the market by usage (volume of use)