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25 Cards in this Set
- Front
- Back
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What is Marketing?
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Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
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What are Needs
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States of felt deprivation
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What are Wants?
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The form human needs take as shaped by culture and individual personality.
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What are Demands?
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Human wants that are backed by buying power.
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What is a market offering
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Some combination of products, services, information or experiences offered to a market to satisfy a want or need.
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What is marketing myopia?
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The mistake of paying more attention to the specific products a company offeres than to the benefits and experiences produced by these products.
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What is exchange?
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The act of obtaining a desired object from someone by offering something in return.
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What is a Market?
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The set of all actual and potential buyers of a product or service
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What is Marketing Management?
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The art and science of choosing target markets and building profitable relationships with them.
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What is a 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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What is a Production Concept?
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The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. Possible Pitfall: Marketing Myopia
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What is Product Concept?
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The idea that consumers will favor prodcuts that offer the most quality, performance and features and that the organization should therefore devote its energy to making continuous product improvements.
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What is a Selling Concept?
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The idea that consumers will not buy enough of the firms products unless it undertakes a large-scale selling and promotion effort.
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What is a Marketing Concept?
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The markteting 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 competitors do.
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What is Societal Marketing Concept?
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The idea that a company's marketing decisions should consider consumers wants, the companys requirements, consumers long run interests, and society's long run interests.
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What is marketing mix?
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The set of marketing tools the firm used to implement its marketing strategy.
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What are the 4 P's?
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Price, promotion, product, place.
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What is Customer Relationship Management?
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The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
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What is customer perceived value?
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The customers evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
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What is Customer Satisfaction?
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The extent to which a products perceived performance matches a buyers expectations.
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What is Consumer generated marketing?
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Marketing messagess, ads, and other brand exchanges created by consumers themselves--both invited and uninvited.
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What is 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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WHAT IS 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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What is a Share of Customer?
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The portion of the customer's purchasing that a company gets in its product category.
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WHAT IS CUSTOMER EQUITY?
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The total combined customer lifetime values of all of the company's customers.
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