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28 Cards in this Set
- Front
- Back
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Marketing
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The Process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
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Marketing offer
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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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Exchange
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The act of obtaining a desired object from someone by offering something in return
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Market
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The set of actual and potential buyers of a product or service
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Marketing Management
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The art and science of choosing target markets and building profitable relationships with them
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Demarketing
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Marketing to reduce demand temporarily or permanently, the aim is not to destroy demand but only to reduce or shift it.
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Production Concept
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The idea that consumers will favor products that are available and highly affordable.
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Product Concept
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The idea that consumers will favor products that offer the most in quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements.
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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 promotion effort.
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Marketing Concept
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The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitions do.
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Social Marketing Concept
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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
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Customer
Relationship Management (CRM) |
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
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Customer
Perceived value |
The difference between total customer value and total customer cost.
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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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Partner Relationship Management
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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 lifetime value
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The value of the entire stream of purchases that the customer would make over a lifetime of patronage
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Share of customer
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The portion of the customer’s purchasing that a company gets in its product categories
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customer equity
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The total combined customer lifetime values of all of the company’s customers
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strategic Planning
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The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities. It involves defining a clear company mission, setting supporting objectives designing a sound business portfolio, and coordinating functional strategies.
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Buisness portfolio
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The collection of businesses and products that make up the company.
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Portfolio
Analysis |
The process by which management evaluates the products and businesses making up the company.
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Product/market
Expansion grid |
A portfolio-planning fool for identifying company growth opportunities through market penetration, market development, or diversification
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Market
Penetration |
A strategy for company growth by increasing sales of current products to current products to current market segments without changing the product.
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Market
Development |
A strategy for company growth by identifying and developing new market segments for current company products
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Product Development
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A strategy for company growth by offering modified or new products to current market segments
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Diversification
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A strategy for company growth through starting up or acquiring businesses outside the company’s current products and markets.
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Downsizing
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Reducing the business portfolio by eliminating products or business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy.
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Value Chain
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The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.
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