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.
Customer Relationship Management (CRM). 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 service.
Product. Any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand.
Test marketing. The process of testing products among potential users.
Brand name. A word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors.
Promotion. All the techniques sellers use to inform people about and motivate them to buy their products or services.
Marketing research. The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions.
Secondary data. Data collected by someone else for some other purpose (but being utilized by the investigator for another purpose).
Primary data. Data collected by the investigator himself/ herself for a specific purpose.
Consumer market. All the individuals or households that want goods and services for personal consumption or use.
Business-to-business (B2B) market. 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.
Focus group. 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.
Environmental scanning. The process of identifying the factors that can affect marketing success.
Market segmentation. The process of dividing the total market into groups whose members have similar characteristics.
Target marketing. Marketing directed toward those groups (market segments) an organization decides it can serve profitably
Geographic segmentation. Dividing a market by cities, counties, states, or regions.
Demographic segmentation. Dividing the market by age, income, and education level.
Psychographic segmentation. Dividing the market using groups’ values, attitudes, and interests.
Benefit segmentation. Dividing the market by determining which benefits of the product to talk about.
Volume (or usage) segmentation. Dividing the market by usage (volume of use).
Niche marketing. Concentrating all marketing efforts on a small but specific and well defined segment of the population. Niches do not ‘exist’ but are ‘created’ by identifying needs, wants, and requirements that are being addressed poorly or not at all by other firms, and developing and delivering goods or services to satisfy them.
Mass marketing. Developing products and promotions to please large groups of people.
Relationship marketing. Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements