Marketing's Value/Strategy Planning
The performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.
What is marketing?
The controllable variables the the company puts together to satisfy this target group.
What is a marketing mix?
What is behavioral segmentation?
The analysis of a person's day-to-day pattern of living as expressed in that person's activities, interests, and opinions.
What is psychographics?
A routine repurchase that may have been made many times before. Buyers probably don't bother looking for new information or new sources of supply.
What is a straight rebuy?
A type of benefit that could save a customer time or effort.
What is a functional benefit?
What is acquisition cost?
The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
What is customer value?
The step of the adoption process where the adopter continues to rethink the decision and search for support for that decision.
What is the confirmation step?
The in-between process where some review of the buying situation is done -- though not as much as new-task buying.
What is a modified rebuy?
The extent to which a firm fulfills a customer's needs, desires and expectations.
What is customer satisfaction?
The total profits a single customer contributes to a firm over the length of the relationship.
What is the customer lifetime value (CLV)?
A two-step process of naming broad product-markets and segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.
What is market segmentation?
What is left of income after paying taxes and for necessities.
What is discretionary income?
Occurs when a customer organization has a new need and wants a great deal of information. The company may never have purchased this product before.
What is a new-task buy?
Numeric data that allow marketing managers to evaluate performance, often against a set target or goal.
What is marketing metrics?
The practice of measuring, managing, and analyzing marketing performance to maximize its efficiency and effectiveness.
What is marketing analytics?
An organized approach for evaluating the strength and weaknesses of current or potential competitors' marketing strategies.
What is competitor analysis?
A process to analyze data to make predictions about unknown future events.
What is predictive analysis?
Contracting with an outside firm to produce goods or services rather than producing them internally.
What is outsourcing?
A firm's obligation to improve its positive effects on society and reduce its negative effects.
What is social responsibility?
Offering new or improved products for present markets.
What is product development?
Combining two or more submarkets into one larger target market at the basis for one strategy.
What is a combined target market approach?
The steps individuals go through on the way to accepting or rejecting a new idea.
What is the adoption process?
Any buyers who buy for resale or to produce other goods and services.
What are business and organizational customers?