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Foundations of Business, 4th edition (Chapter 11)

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
relationship marketing
establishing long-term, mutually satisfying buyer-seller relationships
customer relationship management (CRM)
using information about customers to create marketing strategies that develop and sustain desirable customer relationships
customer lifetime value (CLV)
a measure of a customer’s worth (sales minus costs) to a business over one’s lifetime
utility
the ability of a good or service to satisfy a human need
form utility
utility created by converting production inputs into finished products
place utility
utility created by making a product available at a location where customers wish to purchase it
time utility
utility created by making a product available when customers wish to purchase it
possession utility
utility created by transferring title (or ownership) of a product to a buyer
marketing concept
a business philosophy that a firm should provide goods and services that satisfy customers’ needs through a coordinated set of activities that allow the firm to achieve its objectives
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 them
marketing strategy
a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives
marketing mix
a combo of product, price, distribution, and promotion developed to satisfy a particular target market
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
undifferentiated approach
directing a single marketing mix at the entire market for a particular product
market segment
a group of individuals or organizations within a market that share one or more common characteristics
market segmentation
the process of dividing a market into segments and directing a marketing mix at a particular segment
four important elements of marketing
product, price of product, means of distribution, and promotion of product
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
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
marketing information system
a system for managing marketing information that is gathered continually from internal and external sources
marketing research
the process of systematically gathering, recording, and analyzing data concerning a particular marketing problem
buying behavior
the decisions and actions of people involved in buying and using products
consumer buying behavior
the purchasing of products for personal or household use, not for business purposes
business buying behavior
the purchasing of products by producers, resellers, governmental units, and institutions
personal income
the income an individual receives from all sources less the Social Security taxes the individual must pay
disposable income
personal income less all additional personal taxes
discretionary income
disposable income less savings and expenditures on food, clothing, and housing

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