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Marketing Chpt. 1

Managing Profitable Customer Relationships

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