Business 101 Chapter 11
Marketing - ANS-create, communicate, and deliver value to customers and manage
customer relationships in ways that benefit the organization and its stakeholders
Utility - ANS-ability of goods and services to satisfy wants
Marketing concept - ANS-A business philosophy that makes customer satisfaction,now
and in the future,the central focus of the entire organization.
Customer relationship management (CRM) - ANS-ongoing process of acquiring,
maintaining, and growing profitable customer relationships by delivering unmatched
value
Value - ANS-The extent to which a good or service is perceived by its customer to meet
his or her needs or wants, measured by customer's willingness to pay for it
Customer satisfaction - ANS-felt by customers when they perceive their service or a
good delivers value above and beyond their expectations
Customer loyalty - ANS-customers buy a product from the same supplier over and over
again
Marketing plan - ANS-formal document defining marketing objectives and the specific
strategies for achieving those objectives and deciding where to target those objectives
and evolving strategies through market segmentation
Market segmentation - ANS-dividing potential customers into groups of similar people or
segments
Target market - ANS-The group of people who are most likely to buy a particular
product.
Consumer marketers (business-to-consumer (B2C) - ANS-Marketers who direct their
efforts toward people who are buying products for personal consumption.
Business marketers (business - ANS-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.
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