Business: Chapter 12

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

establishing long-term, mutually satisfying buyer-seller relationships

using information about customers to create marketing strategies that develop and sustain desirable customer relationships

a combination of purchase frequency, average value of purchases, and brand-switching patterns over the entire span of a customer's relationship with a company

the ability of a good or service to satisfy a human need

utility created by converting production inputs into finished products

utility created by making a product available at a location where customers wish to purchase it

utility created by making a product available when customers wish to purchase it

utility created by transferring title (or ownership) of a product to a buyer

a business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allows the firm to achieve it's objectives

a group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase such products

a plan that will enable an organization to make the best use of it's resources and advantages to meet it's objective

a combination of product, price, distribution, and promotion developed to satisfy a particular target market

a group of individuals or organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group

directing a single marketing mix at the entire market for a particular product

a group of individuals or organizations within a market that shares one or more common characteristics

the process of dividing a market into segments and directing a marketing mix at a particular segment rather than at the total market

a written document that specifies an organization's resources, objectives, strategy, and implementation and control efforts to be used in marketing a specific product or product group

an estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of marketing effort

a system for managing marketing information that is gathered continually from internal and external sources

the process of systematically gathering, recording, and analyzing data concerning a particular marketing problem

the decisions and actions of people involved in buying and using products

the purchasing of products for personal or household use, not for business purposes

the purchasing of products by producers, resellers, government units, and institutions

the income an invidual receives from all sources less the Social Security taxes the individual must pay

personal income less all additional personal taxes

disposable income less savings and expenditures on food, clothing, and housing