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28 Cards in this Set
- Front
- Back
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1) What is a market?
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an actual set of actual and potential buyers of products
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define marketing
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the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
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define a need
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states of felt deprivation
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the form human needs take as shapedby culture and individual personality
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wants
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human wants that are backed by buying power
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demands
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some combination of products services information or experiences offered to a market to satisfy a need or want
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market offering
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how are needs different from wants/, how do they relate to demand
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needs show a state of deprivation, while wants are how we take those needs and shape them into what we want/prefer. the demand is the wants backed with buying power
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trading something of value for something else of value
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exchange
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the art and science of choosing target markets and building profitable relationships with them
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marketing management
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consumers will buy offerings that satisfy their wants and needs?
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marketing concept
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if you make it available they'll buy
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production concept
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consumers favor a higher quality product?
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product concept
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consumers buy what they are convinced to buy
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selling concept
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produce for today and tomorrow, sustainably
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societal concept
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5 marketing strategies
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production product selling marketing societal
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What is a company’s value proposition? What question does the value proposition answer in the mind of the consumer?
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a set of values promised to a consumer that differentiates the company. it lets the consumer know what they are getting. 'theres an app for that'
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what are the 4 p's
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product, price, place, promotion
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the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
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customer relationship management
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the customers evaluation of the difference between all the benefits and all the costs of a marketing offer compared to cometitors
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customerperceived value
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the extent to which a product's perceived performance matches a buyers expectations
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customer satisfaction
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the value of the entire life of the customer/company relationship
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customers lifetime value
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the total combined customer lifetime values of all of the company's customers
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customer equity
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what belief underlies the marketing concept/
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to sense and respond, its not finding the right customers for the product, but the product for the customers
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what is the purpose of a mission statement?
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its a statement of the organization's purpose, what it wants to accomplish in the larger environment
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the process by which management evaluates the products nd businesses that make up the company
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portfolio analysis
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the collection of businesses and products that make up the company/
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business portfolio
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Define value chain. Who are the “links” in the chain and what are they supposed to do?
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the series of departmets that carry out value creating activites to design, produce, market, deliver, and support a firm
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a portfolio planning method that evaluates a company's strategic business units in terms of its market growth rate and relative market share
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growth share matrix
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