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
MKTG 494 - Chapter 5
Exam 1
| Question | Answer |
|---|---|
| Customer Perceived Value | the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. (difference between what customer gets and what he or she gives for different possible choices) |
| total customer benefit | perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the products, service, personnel, and image involved |
| total customer cost | perceived bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the given market offering, including monetary, time, energy and psychological costs |
| customer value analysis | reveals company’s strengths and weakness relative to those of various competitors |
| 5 steps in customer value analysis | identify major attributes and benefits, customer rates importance of attributes and benefits, describe company's and competitor's performance, increase price or increase market share, monitor customer values over time |
| loyalty | a deeply held commitment to rebuy or repatronize a preferred product or service in the future despite situation influences and marketing efforts having the potential to cause switching behavior |
| value proposition | whole cluster of benefits the company promises to deliver; more than the core positioning of the offering. (ie. Volvo’s core positioning is safety, but the customer is promised more than just a safe car.) |
| value delivery system | Includes all experiences the customer will have on the way to obtaining and using the offering. It is a set of core business process that help to deliver distinctive customer value. |
| satisfaction | a person’s feelings of pleasure of disappointment that result from comparing a product’s perceived performance (or outcome) to their expectations |
| customer loss rate | measurement technique, contact customers who have stopped buying or who have switched to another supplier to find out why. |
| conformance quality | all units deliver their respective promised quality |
| profitable customer | person, household, or company that over time yields a revenue stream that exceed by an acceptable amount the company’s cost stream for attracting, selling, and servicing the customer |
| customer lifetime value | Net present value of the stream of future profits expected over the customer’s lifetime purchases; company subtracts from expected revenues the costs of attracting, selling, and serving the account of that customer |
| customer touch point | any occasion on which a customer encounters the brand and product, from actual experience to person or mass communications to casual observation (ie. In a hotel, touch points are reservations, check in, checkout, room service, etc.) |
| Data Warehouse | where data is collected and organized; marketers can capture, query, and analyze it to draw inferences about an individual customer’s needs and responses. |
| Datamining | uses statistical and mathematical techniques to extract useful info about individuals, trends, and segments from the mass of data. |
| Companies use Databases in 5 ways | (1) Identify prospects, decide which customers should receive a particular offer, deepen customer loyalty (send interesting stuff), reactivate customer purchases (birthday cards etc), avoid serious customer mistakes |
Created by:
lucynguyen08
Popular Marketing sets