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20 Cards in this Set
- Front
- Back
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Marketing
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Process of value creation
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Needs
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Physical - food, warmth, safety
Individual - knowledge, self-expression |
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Wants
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Human needs shaped by culture and individual personality.
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Demand
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Wants backed by buying power
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Market offerings
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Combination of products, services, etc to satisfy a need or want
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Marketing myopia
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Focusing on product rather than offerings of that product.
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Exchange
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Obtaining a desired product by offering something in return.
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Market
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Set of actual and potential buyers of a product
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Production concept
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CUSTOMERS will favor products that are available and highly affordable. Continuous PROCESS improvement
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Product concept
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CONSUMERS will favor products that offer the most in quality, performance, and innovative features. Continuous PRODUCT improvement
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Selling concept
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Consumers will not buy enough unless companies undertake a large selling/promotion effort. (typical with unsought goods - insurance!)
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Marketing concept
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Belief that goals are realized by knowing the NEEDS and WANTS of target markets better than competitors.
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Societal marketing concept
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Idea that: company should consider Consumer WANTS, COMPANY REQUIREMENTS, CONSUMER LONG-RUN Interests, Society's long-run interests.
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Customer relationship management
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Build/maintain profitable customer relationships by delivering superior customer value.
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Customer satisfaction
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Performance exceeds expectation
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Customer life-time value
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value of the purchases a customer would make over a life-time of patronage. [calculation]
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Share of customer
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Portion of a customer's purchasing that a company gets.
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Customer equity
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Combined customer lifetime value of all current and potential customers.
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Loyalty
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HIGH attitude, HIGH behavior
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Simplified Customer Lifetime Value
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SCLV - (M-c)/(1-r+i) - AC
Profit - period cost / (1-retention rate + cost of capital) - Acquisition Cost |
