as 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.
Customer relationship management (CRM
is the process of learning as much as possible about present customers and doing everything you can over time to satisfy them—or even to exceed their expectations—with goods and services.
(1) designing a want-satisfying product, (2) setting a price for the product, (3) putting the product in a place where people will buy it, and (4) promoting the product
is any physical good, service, or idea that satisfies a want or need, plus anything that would enhance the product in the eye of consumers, such as the brand name
The process of testing products among potential users is called ""
is a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors.23 Brand names of vegetarian products include Tofurky, Mori-Nu, and Yves Veggie Cuisine.
consists of all the techniques sellers use to inform people about and motivate them to buy their products or services. "" includes advertising; personal selling; public relations; publicity; word of mouth (viral marketing); and various sales promotion efforts, such as coupons, rebates, samples, and cents-off deals.
marketers analyze markets to determine opportunities and challenges, and to find the information they need to make good decisions.
Such existing data
new studies .
is a 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.
is the process of identifying factors that can affect marketing success.
consists of all the individuals or households that want goods and services for personal consumption or use and have the resources to buy them.
business-to-business (B2B) market
consists of 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.
The process of dividing the total market into groups with similar characteristics is called ""
Selecting which groups or segments an organization can serve profitably is "". For example, a shoe store may choose to sell only women's shoes, only children's shoes, or only athletic shoes.
Dividing a market by cities, counties, states, or regions is "".
Age, income, and education level are criteria for "". So are religion, race, and occupation. Demographics are the most widely used segmentation variable, but not necessarily the best.
To do that, you would study the group's values, attitudes, and interests in a strategy called "".
Determining which product benefits your target market prefers and using those benefits to promote a product is "".
volume (or usage) segmentation
Separating the market by volume of product use is called ""
is identifying small but profitable market segments and designing or finding products for them.
means developing a unique mix of goods and services for each individual customer. Travel agencies often develop such packages, including airline reservations, hotel reservations, rental cars, restaurants, and admission to museums and other attractions for individual customers.
means developing products and promotions to please large groups of people. That is, there is little market segmentation. The mass marketer tries to sell the same products to as many people as possible. That means using mass media, such as TV, radio, and newspapers to reach them.
tends to lead away from mass production and toward custom-made goods and services. The goal is to keep individual customers over time by offering them new products that exactly meet their requirements
Want to see the other 25 Flashcards in Chpt. 13?JOIN TODAY FOR FREE!