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Related Flashcards
Related Topics
Cards In This Set
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Marketing
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The process of planning and executing the conception, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives
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Marketing concept
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A 3 part business philosophy: 1) a customer orientation 2) a service, and 3) a profit orientation
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Customer relationship management (CRM)
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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
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Marketing mix
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The ingredients that go into a marketing program: product, price, place, and promotion
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Product
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Any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of the customers, such as the brand
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Test marketing
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The process of testing products among potential users
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Brand name
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A word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors
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Promotion
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All the techniques sellers use to motivate people to buy their products or services.
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Marketing research
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The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions
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Secondary data
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Information that has already been compiled by others and published in journals and books or made available online
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Primary data
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Data that you gather yourself (not from secondary sources such as books and magazines).
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Focus group
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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.
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Environmental scanning
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The process of identifying the factors that can affect marketing success.
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Consumer market
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All the individuals or households that want goods and services for personal consumption or use
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Business-to-business (B2B) market
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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.
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