Business Unit 4

Front 1

Marketing

Back 1

An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

Front 2

Relationship Marketing

Back 2

A long-term relationship between a buyer and a seller.

Front 3

Customer Relationship Management

Back 3

A technique, using information about customers to create marketing strategies that develop and sustain desirables customer relationships.

Front 4

Customer Lifetime Value

Back 4

A combination of purchase frequency, average value of purchases, and brand-switching patterns over the entire span of a customer’s relationship with a company.

Front 5

Utility

Back 5

The ability of a good or service to satisfy a human need.

Front 6

Form utility

Back 6

Utility created by converting production inputs into finished products. (Taking coffee beans, turning them into coffee)

Front 7

Place Utility

Back 7

Utility created by making a product available at a location WHERE customers need it.

Front 8

Time Utility

Back 8

Utility created by making a product available WHEN customers need it.

Front 9

Possession Utility

Back 9

Utility created by transferring title (or ownership) of a product to a buyer.

Front 10

Marketing Concept

Back 10

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.

Front 11

Market

Back 11

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 such products.

Front 12

Marketing Strategy

Back 12

A plan that will enable an organization to make the best use of its resources and advantages to meet its objectives.

Front 13

Marketing Mix (4 P's)

Back 13

A combination of product, price, distribution, and promotion developed to satisfy a particular target market.

Front 14

Target Market

Back 14

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.

Front 15

Undifferentiated Approach

Back 15

Directing a single marketing mix at the entire market for a particular product.

Front 16

Market Segment

Back 16

A group of individuals or organizations within a market that shares one or more common characteristics.

Front 17

Market Segmentation

Back 17

The process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than at the total market.

Front 18

Marketing Plan

Back 18

A written document that specifies and organization’s resources, objectives, strategy, and implementation and control efforts to be used in marketing a specific product or product group.
Short Term- Under a year
Medium Term- One to Five years
Long Term- Five years and longer

Front 19

Marketing Research

Back 19

The process of systematically gathering, recording, and analyzing data concerning a particular marketing problem.

Front 20

Buying Behavior

Back 20

The decisions and actions of people involved in buying and using products.

Front 21

Consumer Buying Behavior

Back 21

The purchasing f products for personal or housegold use, not for business purposes.

Front 22

Business Buying Behavior

Back 22

The purchasing of products by producers, resellers, governmental units, and institutions.