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16 Cards in this Set
- Front
- Back
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Marketing
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Managing profitable customer relationships.
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Sports marketing
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The specific application of marketing principles and processes to sport products and to the marketing of nonsports products through association with sport.
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Product
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person, place, organization, information or idea
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Service
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activity or benefit offered for sale that is essentially intangible and does not result in ownership
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Marketing myopia
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When sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products.
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Market
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The set of actual and potential buyers of a product.
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Marketing Process
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Understand. Design. Construct. Build profitable relationships. Capture value.
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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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Market Segmentation
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Divide the market into segments of customers
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Target Marketing
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Select the segment to cultivate
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Value Proposition
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The set of benefits or values a company promises to deliver to consumers to satisfy their needs.
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Customer-driven
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Researching current customers and learning about their desires.
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Customer-driving
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Knowing customers' needs better than they do and providing products for current and latent needs.
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Customer lifetime value
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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 share a company gets of the customers purchasing in their product categories
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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.
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