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26 Cards in this Set
- Front
- Back
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Marketing
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is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return
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5 Steps in Marketing Process
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1. Understand marketplace and the wants/needs/demands of customers
2. Design customer-driven marketing strategy 3. Construct a marketing program that delivers superior value 4. Build relationships with customers and create delight 5. Catpure value from customers (create profits & quality) |
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Customer Needs, Wants, Demands
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Needs: Physical, social, individual
Wants: shaped by personality Demands: wants backed by buying power |
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Customer-driven marketing strategy
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Value Proposition
Select Target Market (market segmentation) |
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Construct Marketing Program
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Marketing Mix
4 Ps Product, price, place, promotion |
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Customer Equity
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total combined lifetime values (money) of all company's customers
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Marketing Concept
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Management philosophy that achieving goals depends on knowing needs/wants & delivering satisfaction better than competitors
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Customer Lifetime Value
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value of all customer's purchases in company
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Market
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set of all actual & potential buyers of the product
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Marketing Management
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art & science of choosing target markets & building profitable relationships w/ them
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Customer Perceived Value
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differences of benefits of all costs of market offereings & competitors
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Marketing Myopia
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the mistake of paying more attention to specific products a company offers than to the benefits and experiences produced by the products
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Market Offering
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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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Customer Relationship Management (CRM)
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managing detailed information about individual customers and carefully managing customer "touch points" in order to maximize customer loyalty
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Partner Relationship Management (PRM)
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working closely with partners in other company departments and outside the company to jointly bring greater value to customers
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Customer Satisfaction
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the extent to which a product's perceived performance matches a buyer's expectations
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Value Proposition
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the full positioning of a brand--the full mix of benefits upon which it is positioned
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Product
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anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
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Production Concept
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idea that customers will favor products that are available and highly affordable and that the organization should focus on improving production and distribution efficiency
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Selling Concept
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the idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotional effort
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Societal Marketing Concepts
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principal of enlightened marketing that holds that a company should make marketing decisions by considering customer's wants, the company's requirements, customers' long-run interests, and society's long-run interests
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Supply Chain
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managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers
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Needs
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states of full deprivation
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Wants
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the form human needs take as shaped by culture and individual personality
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Demands
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human wants backed by buying power
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Share of Customer
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portion of the customer's purchasing that a company gets in its product categories
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