UAB BUS 102 - Test 3 Chapters 11, 12, 13, 15, and 17 (Elizabeth Turnbull) Exam Study Guide Graded A 2024

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 - Marketing the ability of goods and services to satisfy consumer "wants" - Utility a business philosophy that makes customer satisfaction - now and in the future - the central focus of the entire organization - Marketing Concept the ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value - Customer Relationship Management (CRM) a customer perception that a product has a better relationship than its competitors between the cost and the benefits - Value when customers perceive that a good or service delivers value above and beyond their expectations - Customer Satisfaction when customers buy a product from the same supplier again and again - sometimes paying even more for it than they would for a competitive product - Customer Loyalty A formal document that defines marketing objectives and the specific strategies for achieving those objectives - Marketing Plan dividing potential customers into groups of similar people, or segments - Market Segmentation The group of people who are most likely to buy a particular product - Target Market also known as business-to-consumer or B2C; marketers who direct their efforts toward people who are buying products for personal consumption - Consumer Marketers also known as business-to-business or B2B; marketers who direct their efforts toward people who are buying products to use either directly or indirectly to produce other products - Business Marketers dividing the market into smaller groups based on measurable characteristics about people, such as age, income, ethnicity, and gender - Demographic Segmentation dividing the market into smaller groups based on where consumers live. This process can incorporate countries, cities, or population density as key factors - Geographic Segmentation dividing the market into smaller groups based on consumer attitudes, interest, values, and lifestyles - Psychographic Segmentation dividing the market based on how people behave toward various products. This category includes both the benefits that consumers seek from products and how consumers use the products - Behavioral Segmentation The blend of marketing strategies for product, price, distribution, and promotion - Marketing Mix The process of continually collecting information from the external marketing environment - Environmental Scanning The percentage of a market controlled by given marketer - Market Share description of how people act when they are buying, using, and discarding goods and services for their own personal consumption. Consumer behavior also explores the reasons behind people's actions - Consumer Behavior consumer discomfort with a purchase decision, typically for a higher priced item - Cognitive Dissonance describes how people act when they are buying products to use either directly or indirectly to produce other products - Business Buyer Behavior