MGTA02H3 Chapter Notes - Chapter 2: Marketing Mix, University Of Toronto Scarborough, Voice Of The Customer
University Of Toronto Scarborough (UTSC) Date: January 15, 2017
Course: MGTA02 (Winter)
Professor: Chris Bovaird
Shahriyar Safavi
Week 2 – Marketing: Satisfying Customer Needs and Wants
Terminology
1. Marketing: The business function concerned with planning and organizing the creation
of a product, determining a price that people will pay, making the product known and
making it available to customers.
2. Product Focus: An orientation towards producing improved goods and services for
which an organization has proven expertise.
3. Customer Focus: An orientation towards determining the needs and wants of customers
in the market and developing the goods and services that meet those needs.
4. Marketing Concept: A business philosophy that stresses that the business’ resources
should primarily be directed towards serving customer needs.
5. Target Market: A group of similar people who have similar needs and wants, and are
most likely to buy a product.
6. Market Segmentation: Dividing a total population into groups or categories of people
who share common characteristics, habits or behaviors which give them common
needs.
7. Demographic Segmentation: Identifying people based on some external characteristics
that they share, for example age, gender, race or ethnicity.
8. Psychographic Segmentation: Identifying people according to their internal traits, such
as their attitudes, beliefs, values, ,and motivations.
9. Geographic Segmentation: Distinguishing people according to where they live.
10. Market Research: Systematic study of what buyers need and how best to meet those
needs.
11. Secondary Market Research: Collecting information from already published sources.
12. Primary Market Research: Original research conducted or commissioned by the
business itself.
13. Observation: A market research technique that involves viewing or otherwise
monitoring consumers behavior.
14. Interviewer Bias: the risk that an interviewer will plead with, flatter or intimidate a
respondent thus influencing the response to a question.
15. Communication: Asking consumers directly about their needs and preferences.
16. Census: Research that involves collecting data from every member of a population.
17. Sample: Research that involves collecting data from a selected number of the members
of a larger population.
18. Random Sample: A random sample taken from a larger population where each person
has an equal chance of being selected.
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