Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Marketing chp#1
Creating and Capturing Customer Value
| Term | Definition |
|---|---|
| Marketing | Managing profitable customer relationships |
| Aim of Marketing | 1. to create value for customers 2. to capture value from customers in return |
| Steps in Marketing Process | 1. Understanding customer needs 2. Designing customer-driven marketing strategies 3. Constructing an integrated marketing program that delivers superior value 4. Building profitable relationships and creating customer delight |
| Marketing (process) | process by which companies create value for customers and build strong relationships in order to capture value from customers in return |
| Importance of Marketing | - to let people know you exist - inform about your product - make goods and services available when and where needed in the right quantity - to satisfy customers by delivering on what you promised in your marketing strategies |
| Needs | states of felt deprivation |
| Wants | the form human needs take as shaped by culture and individual personality |
| Demands | human wants that are backed by buying power |
| Market Offerings | some combination of products, services, information on experiences offered to a market to satisfy a need or want |
| Marketing Myopia | the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by them |
| Marketing occurs... | when people decide to satisfy needs and wants through exchange relationships |
| Exchange | the act of obtaining a desired object from someone by offering something in return |
| Goal of Marketing | to keep customers satisfied while attracting new ones |
| Market | the set of actual and potential buyers of a product or service |
| Role of Sellers | 1. search for buyers 2. identify their needs 3. design good market offerings 4. set prices for them 5. promote them 6. store and deliver |
| Marketing Management | the art and science of choosing target markets and building profitable relationships with them |
| Demarketing | Efforts aimed at discouraging (not destroying) the demand for a product |
| Reasons for Demarketing | 1. firm cannot supply in large-enough quantity 2. it does not want to supply in a certain region where the high costs of distribution or promotion allow only little profit margin |
| Value Proposition | the set of beliefs or values a company promises to deliver to consumers to satisfy their needs |
| Marketing Management Orientation | alternative concepts under which organizations design and carry out their marketing strategies |
| Production Concept | the idea that consumers will favor products that are available and highly affordable |
| Product Concept | the idea that consumers will favor products offer the most quality, performance, and features |
| Selling Concept | the idea that consumers will not buy enough of the firm's products unless it undertakes a large scale selling and promotion effort |
| Marketing Concept | the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do |
| Societal Marketing Concept | the idea that a company should make good marketing decisions by considering consumers' wants, the company's requirements, consumers' long-term interests, and society's long-run interests |
| Marketing Mix | the set of tools the firm uses to implement its marketing strategy |
| Marketing Mix groups | - Product - Price - Place - Promotion |
| Integrated Marketing Program | a comprehensive plan that communicates and delivers the intended value to chosen customers |
| Customer Relationship Management | the overall process of building and maintaining profitable customer relationships by delivery superior value and satisfaction |
| Customer-Perceived Value | the difference between total customer value and total customer cost |
| Customer Satisfaction | the extent to which a product's perceived performance matches a buyer's expectations |
| Selective Relationship Management | targets fewer, more profitable customers |
| Consumer-Generated Marketing | marketing messages, ads and other brand exchanges created by consumers themselves |
| Partner Relationship Management | working closely with partners in other company departments and outside the company to jointly bring greater value to customers |
| Customer Lifetime Value | the value of the entire stream of purchases that the customer would make over a lifetime patronage |
| Share of Customer | the portion of the customer's purchasing that a company gets in its product categories |
| Customer Equity | the total combined customer lifetime values of all of the company's customers |
Created by:
Katness96
Popular Marketing sets