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35 Cards in this Set

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The process by which companies create value for customers and build stong customer relationships in order to capture value from customers in return
Marketing
states of felt deprivation
needs
the form human needs take as shped by culture and individucal responsibility
wants
human wants that are bcked by buying power
demands
some combination of products, services, information, or experiences offered to a market to satisfy a need or want
market offering
the mistake of paying more attention to the specific rodcuts a company offers than to the benefits and experiences produced by these products
marketing myopia
the act of obtaining a desired object from someone by offering something in return
exchange
the set of al actual an potential buyers of a product or service
market
the art and science of choosing target markets and building profitable relationships with them
marketing management
the idea that consumers will facor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency
production concept
the idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore decote its enery to making continuous product improvements
product concept
the idea that consumers will not buy enough of te firm's products unless it undertakes a large scale selling and promotion effort
selling concept
the marketing managemnt philosophy that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
marketing concept
a principle of enlightened marketing that holds that a company should make good marketing decisions by considering consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.
societal marketing concept
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
customer relationship management
the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers
customer perceived value
the extent to which a product's perceived performance matches a buyer's expectations
customer satisfaction
working closely with partners in other company departments and outside the company to jointly bring greater value to customers
partner relationship management
the value of the entire stream of purchases that a customer would make over a lifetime of patronage
customer lifetime value
the portion of the customer's purchasing that a company gets in its product categories
share of customer
What are the 5 core marketing concepts?
1)customer needs, wants, demands
2) market offerings(products, services, experiences)
3) customer value and satisfaction
4) exchanges and relationships
5) markets
What are Maslows 5 hierarchy of needs?
1. physiological
2. safety
3. social
4. esteem
5. self-actualization
relationships are built through delivering what two things?
value and satisfaction
what two questions to marketing managers as?
1. what customer will we serve?
2. how can we serve these customers best?
this marketing concept runs a major risk of focusing too narrowly on the companies own operations and lose sight of the real objective: customer needs and relationships
prduction concept
This concept can lead to marketing myopia...customers want better solution, not better product
product concept
this concept is customer focus and value are the paths to sales and profits
marketing concept
understanding customer needs even better than customers themselves do and creating prodcsta n services that meet existing and latent needs now and inthe future
customer-driving market
three conditions underlying the societal marketing concept
sociey (human welfare)
consumers (want satisfaction)
company (profits)
What are the four connecting technologies?
computer
information
communication
transportation
High Profitability, Short-term customer.
Butterflies
High Profitablity, Long-term customer
true friends
low profitability, short-term customer
strangers
low profitability, long-term customers
barnacles
a set of benefits that the company promises consumers to satisfy their needs
value proposition