Managing Profitable Customer Relationships
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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| 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
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| Needs | States of deprivation. Physical. Social. Individual.
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| Wants | the form that needs take as they are shaped by culture and individual personality
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| Demands | Wants backed by buying power
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| Market Offerings | some combination of products, services or experiences offered to a market to satisfy a need or want
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| Marketing Myopia | focusing only on existing wants (status quo) and losing sight of underlying consumer needs
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| Exchange | the act of obtaining a desired (i.e., valued) object from someone by offering something in return
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| The Value Proposition | the set of benefits or values a company promises to deliver to customers to satisfy their needs
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| The Marketing Mix | the set of tools (four Ps) the firm uses to implement its marketing strategy. (Product, Price, Place, Promotion.
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| Transactional Orientation | “one and done” mentality, what happens before or after the transaction is of little importance to the marketer
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| 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).
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| Customer Relationship Management | the overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction
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| Total Customer Value | the difference between total customer value and total customer cost
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| Customer Satisfaction | the extent to which a product’s perceived performance matches a buyer’s expectations
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| Customer Lifetime Value | is the value of the entire stream of purchases that a single customer would make over a lifetime of patronage
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| Share of Customer (Share of wallet) | the portion of the customer’s purchasing that a company gets in its product categories
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| Customer Equity | the total combined customer lifetime values of all of the company’s customers
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| Building Customer Equity | Building the right relationships with the right customers
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| Social Marketing Campaigns | encourage energy conservation and concern for the environment or discourage smoking, excessive drinking, and drug use
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Created by:
lfowler322
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