Glossary

is the process of dividing a broader market into smaller groups of customers who share similar characteristics, needs, or behaviours.

involves evaluating those segments and selecting the most appropriate ones to pursue with customized marketing strategies.

uses paid notices in different forms of media to draw public attention to a company, product, or message, usually for the purpose of selling products or services.

Business-to-Business

Business-to-Consumer

is the practice of "creating a name, symbol or design that identifies and differentiates a product from other products.

a business philosophy rooted in the marketing concept, where the entire organization is aligned around understanding and serving customer needs

a person or organization with a want or need who is willing to give money or some other personal resource to address this need

a prediction of the net profit associated with a customer over the duration of their relationship with a brand.

Human wants that are backed by buying power.

the company decides to provide separate offerings to each different market segment that it targets.

The act of obtaining a desired object from someone by offering something of value in return.

typically privately owned or publicly traded companies with a primary purpose of earning money for their owners.

is sometimes referred to as "mass customization" or "one-to-one marketing." With this approach, companies offer consumers a product created to their individual specifications.

is a targeting strategy focused expressly on a small, clearly defined neighborhood or geographic area.

is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others.

The key to achieving organizational goals is to identify the needs and wants of target markets and deliver the desired satisfactions more effectively and efficiently than competitors.

represents the way an organization's broad marketing strategies are translated into marketing programs for action.

describes how the company will use the marketing mix—product, promotion, place, and price—to achieve its marketing objectives effectively within the competitive market environment.

also called undifferentiated marketing, involves marketing to the entire market the same way.

is a targeting strategy that focuses even more narrowly than niche marketing. It caters to the needs of individuals ("individual marketing") or very small segments in a targeted geography ("local marketing").

State of felt deprivation.

also called concentrated marketing, is a strategy that targets only one or a few very defined and specific segments of the consumer population.

also earn money, but their primary purpose is to use these funds for a specific charitable purpose.

Product Life Cycle (PLC) starts with the product's development and introduction, then moves toward withdrawal or eventual demise.

a physical good, a service, experience, or idea designed to fill the customer's want or need

a physical good, a service, experience, or idea designed to fill the customer's want or need

the process of actually selling products or services, leading up to the point where the exchange of value takes place.

the process of dividing a broader market into smaller groups of customers who share similar characteristics, needs, or behaviours.

A strategy is a directed course of action to achieve an intended set of goals.^[1]

A tactic is the means by which a strategy is carried out. ^[2]

involves evaluating those segments and selecting the most appropriate ones to pursue with customized marketing strategies^[3].

the terms around which both parties agree to trade value-for-value (most often, money for product)

is the measure of the benefit gained from a product or service relative to the full cost of the item.

A business or marketing statement that summarizes why a consumer should buy a product or use a service.

The form taken by human needs as they are shaped by culture and individual personality.