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24 Cards in this Set
- Front
- Back
Market |
Set of all actual and potential buyers of a product |
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Marketing myopia |
The mistake of paying more attn to products than the benefit /experience produced by these products |
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Market offering |
Some combination of products, services, info, entainment, or experiences offered to a market to satisfy a need or want. |
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Demands |
Human wants that are backed by buying power |
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Wants |
The form human needs take as they are shaped by culture and individual personality. |
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Needs |
State of felt deprivation |
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4 P's + T |
Product Promotion Placement Price Target |
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Marketing |
The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return. |
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Marketing Management |
The art and science of choosing target markets and building profitable relationships with them. |
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Production concept |
The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency. |
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Product Concept |
The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements. |
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Selling Concept |
The idea that consumers will not buy enough of the firms products unless the firm undertakes a large scale selling and promotion effort. |
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Marketing Concept |
A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. |
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Society Marketing Concept |
The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers long run interests, and society's long run interests. |
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Customer relationship management |
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. Very similar to Marketing Strategy. |
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Customer-Perceived Value |
The customers evaluation of the difference between benefits and costs of a market offering relative to competing offers. |
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Customer Satisfaction |
when a product's perceived performance matches a buyer's expectations. |
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Customer engaged Marketing |
Making the brand a meaningful part of consumers conversations and lives resulting in continuous customer engagement in shaping brand conversations, experiences, and community. |
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Consumer Generated Marketing |
Brand exchanges created by consumers themselves - both invited and uninvited. |
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Partner relationship management |
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers. |
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Customer Lifetime Value |
The value of the entire stream of purchases a customer makes over a lifetime of patronage. |
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Share of Customer |
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 value of all of the company's customers. |
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Digital and Social Media Marketing |
Using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices. |