logo image

Foundations of Business, 4th edition (Chapter 11)

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
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
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

Need essay sample on "Foundations of Business, 4th edition (Chapter 11)"? We will write a custom essay sample specifically for you for only $ 13.90/page

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
Complete Buyer Protection
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy