Chapter 11 Vocabulary

Front

The business or commercial activity of promoting and selling products or services, including market research and advertising.

Back

Marketing

Front

A strategy designed to enhance customer loyalty, engagement, and participation in the long term.

Back

Relationship Marketing

Front

A marketing strategy that relies on identifying individual customer preferences and tailoring marketing plans for each of them.

Back

Individual Marketing

Front

The importance, value, or benefit of something.

Back

Value

Front

Expected net profit attributed to the full future relationship with the customer.

Back

Customer Lifetime Value

Front

A work philosophy focused on identifying and meeting the stated or hidden needs or desires of customers.

Back

Marketing Concept

Front

The overall business plan to reach potential consumers and convert them into customers for their products or services.

Back

Marketing Strategy

Front

A specific group of consumers targeted with a product or service.

Back

Target market

Front

Working to obtain or acquire ownership, often referring to the purchase of a company for most, if not all, of the ownership shares of another company to take control.

Back

Acquisitions

Front

A sales technique where the seller convinces the customer to purchase more expensive items, upgrades, or other add-ons to increase revenue.

Back

Upselling