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Marketing Chpt. 1
Managing Profitable Customer Relationships
| Question | Answer |
|---|---|
| What is Marketing? | is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
| Needs | States of deprivation. Physical. Social. Individual. |
| Wants | the form that needs take as they are shaped by culture and individual personality |
| Demands | Wants backed by buying power |
| Market Offerings | some combination of products, services or experiences offered to a market to satisfy a need or want |
| Marketing Myopia | focusing only on existing wants (status quo) and losing sight of underlying consumer needs |
| Exchange | the act of obtaining a desired (i.e., valued) object from someone by offering something in return |
| The Value Proposition | the set of benefits or values a company promises to deliver to customers to satisfy their needs |
| The Marketing Mix | the set of tools (four Ps) the firm uses to implement its marketing strategy. (Product, Price, Place, Promotion. |
| Transactional Orientation | “one and done” mentality, what happens before or after the transaction is of little importance to the marketer |
| Relational Orientation | marketer seeks to develop an ongoing “relationship” with the customer and to use this as a source of value (both before and after purchase). |
| Customer Relationship Management | the overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction |
| Total Customer 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 |
| Customer Lifetime Value | is the value of the entire stream of purchases that a single customer would make over a lifetime of patronage |
| Share of Customer (Share of wallet) | 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 |
| Building Customer Equity | Building the right relationships with the right customers |
| Social Marketing Campaigns | encourage energy conservation and concern for the environment or discourage smoking, excessive drinking, and drug use |
Created by:
lfowler322
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