Chapter 1 - Creating Customer Relationships and Value through Marketing
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Customer Experience | the internal response that customers have to all aspects of an organization and its offerings
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| Customer Relationship Management (CRM) | the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace
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| Customer Value | the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price
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| Customer Value Proposition | the cluster of benefits that an organization promises customers to satisfy their needs
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| Environmental Forces | the uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces
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| Exchange | the trade of things of value between buyer and seller so that each is better off after the trade
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| Market | people with both the desire and the ability to buy a specific offering
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| Market Orientation | an organization that focuses its efforts on continuously collecting information about customers’ needs, sharing this information across departments, and using it to create customer value
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| Marketing | the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large
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| Marketing Concept | the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals
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| Marketing Mix | the marketing manager’s controllable factors—product, price, promotion, and place—that can be used to solve a marketing problem
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| Marketing Program | a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
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| Organizational Buyers | those manufacturers, wholesaler, retailers, and government agencies that buy goods and services for their own use or for resale
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| Product | a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value
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| Relationship Marketing | links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
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| Societal Marketing Concept | the view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being
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| Target Market | one or more specific groups of potential consumers toward which an organization directs its marketing program
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| Ultimate Consumers | the people who use the goods and services purchased for a household (also called consumers, buyers, or customers)
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| Utility | the benefits or customer value received by users of the product
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