Business: Chapter 12

  1. 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
  2. Relationship Marketing
    establishing long-term, mutually satisfying buyer-seller relationships
  3. Customer Relationship Management (CRM)
    using information about customers to create marketing strategies that develop and sustain desirable customer relationships
  4. Customer Lifetime Value
    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
  5. Utility
    the ability of a good or service to satisfy a human need
  6. Form Utility
    utility created by converting production inputs into finished products
  7. Place Utility
    utility created by making a product available at a location where customers wish to purchase it
  8. Time Utility
    utility created by making a product available when customers wish to purchase it
  9. Possession Utility
    utility created by transferring title (or ownership) of a product to a buyer
  10. Marketing Concept
    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
  11. Market
    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
  12. Marketing Strategy
    a plan that will enable an organization to make the best use of it's resources and advantages to meet it's objective
  13. Marketing Mix
    a combination of product, price, distribution, and promotion developed to satisfy a particular target market
  14. 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
  15. Undifferentiated Approach
    directing a single marketing mix at the entire market for a particular product
  16. Market Segment
    a group of individuals or organizations within a market that shares one or more common characteristics
  17. Market Segmentation
    the process of dividing a market into segments and directing a marketing mix at a particular segment rather than at the total market
  18. Marketing Plan
    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
  19. Sales Forecast
    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
  20. Marketing Information System
    a system for managing marketing information that is gathered continually from internal and external sources
  21. Marketing Research
    the process of systematically gathering, recording, and analyzing data concerning a particular marketing problem
  22. Buying Behavior
    the decisions and actions of people involved in buying and using products
  23. Consumer Buying Behavior
    the purchasing of products for personal or household use, not for business purposes
  24. Business Buying Behavior
    the purchasing of products by producers, resellers, government units, and institutions
  25. Personal Income
    the income an invidual receives from all sources less the Social Security taxes the individual must pay
  26. Disposable Income
    personal income less all additional personal taxes
  27. Discretionary Income
    disposable income less savings and expenditures on food, clothing, and housing
Card Set
Business: Chapter 12
Business: Chapter 12