Marketing

Front 1

What is Marketing?

Back 1

Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value for customers in return.

Front 2

What are the Five steps in the marketing Process?

Back 2

1. understand the marketplace and customer needs and wants
2. Design a customer-driven marketing strategy
3. construct an integrated marketing program that delivers superior value
4. build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity

Front 3

What are the Five core customer and marketplace concepts?

Back 3

1. needs wants and demands
2. market offerings
3. value and satisfaction
4. exchange and relationships
5. markets

Front 4

define needs

Back 4

felt state of deprivation

Front 5

define wants

Back 5

the form human needs take as they are shaped by culture and individual personality

Front 6

define demands

Back 6

when backed by buying power, the form wants take

Front 7

define marketing myopia

Back 7

the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products

Front 8

what is a market?

Back 8

The set of actual and potential buyers of a product.

Front 9

define marketing management

Back 9

the art and science of choosing target markets and building profitable relationships with them

Front 10

what are the five alternative concepts under which organizations design and carry out their marketing strategies:

Back 10

1. production
2. product
3. selling
4. marketing
5. societal marketing concepts

Front 11

what is the marketing mix?

Back 11

Product
price
place
promotion

Front 12

define customer relationship management

Back 12

the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Front 13

Compare "customer perceived value" and "customer satisfaction"

Back 13

customer perceived value is the customer's evaluation of the difference between all the benefits and the costs of marketing relative to those of competing offers. customer satisfaction is the extent to which a product's perceived performance matches a buyer's expectations

Front 14

define partner relationship management:

Back 14

working closely with partners in other company departments and outside the company to jointly bring greater value to customers

Front 15

What are the five economic benefits of loyalty

Back 15

1. base profit: the amount of profit you get on average
2. revenue growth: loyal customers buy more and buy for a long period of time
3. cost savings: loyal customers are less costly to serve
4. referrals: loyal customers refer customers more often
5. loyal customers are often willing to pay more

Front 16

define loyalty

Back 16

loyalty is a confidence and a conviction in a product

Front 17

what are four ways to define loyal customers?

Back 17

customers who make (1) regular purchases across product lines, (2) refer other customers, (3) resist competition, and (4) forgive mistakes

Front 18

what are 6 reasons for CRM

Back 18

1. reduce the cost to acquire customers
2. reduce the cost to serve customers
3. hep firm identify unprofitable customers
4. facilitates experimentation/learning
5. helps firm measure return on marketing investment (ROMI)
6. allows the firm to focus its marketing dollars

Front 19

What are the Four steps in the CRM process

Back 19

1. form database
2. select customers
3. develop different relationships for different customers
4. monitor results

Front 20

What are the four information requirements for crm and which does crm ignore?

Back 20

1. personal info (gender, age, income ...)
2. customer history (purhcase information, complaint info
3. profitability information
4. customer needs (crm ignores this)