A
Fictional, generalized representations of an "ideal customer" that help a marketer understand current and potential customers better
What is a buyer persona?
Set of activities related to creating, communicating, delivering and exchanging offerings that have value for others
What is marketing?
Person or organization with a want or need who is willing to give money or another personal resource to address that need
What is a customer (or buyer)?
Reaching out to customers and encouraging them to become full participants in marketing activity and the growth of a brand
What is engagement marketing?
The individual or organization which actually uses the product
What is a consumer?
In the BCG matrix, a product or business that has high market share in a fast-growing industry
What is a star?
The act of obtaining a desired object from someone by offering something of value in return
What is the exchange process?
Approach focused on identifying and understanding a customer's wants/needs and addressing them more effectively/efficiently than competitors
What is a marketing orientation?
An approach focused primarily on technology, innovation, and low production and distribution costs
What is the production orientation?
Benefit minus cost
What is value?
An approach focused on selling a product and using promotion techniques to attain the highest sales possible, regardless of customer wants/needs
What is the sales orientation?
Component of the marketing mix that means the solution that the customer wants and/or needs
What is product?
Component of the marketing mix that refers to communications that occur between the customer and the company
What is promotion?
Component of the marketing mix that refers to distribution of the product
What is place?
Component of the marketing mix that refers to the cost to the customer
What is price?
These specify measurable outcomes that will be achieved within a particular time frame
What are objectives?
This determines which markets a company will pursue and where it will sell its goods and services
What is strategy?
Favorable internal activities, processes and behaviors of a company (i.e., what the company does well)
What are strengths?
In a SWOT analysis, external chances for something positive to happen
What are opportunities?
In a SWOT analysis, external factors that can negatively impact an organization
What are threats?
The percentage of a market (defined in units sold or revenue) accounted for by a specific product or entity
What is market share?
What is a dog?
In the BCG matrix, a product or business with current low market share within a growing industry
What is a question mark?
In the BCG matrix, a product or business with high market share in a slow-growing industry
What is a cash cow?
Discipline in marketing combining database and computer technology with customer service and marketing communications
What is customer relationship management?