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31 Cards in this Set
- Front
- Back
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Marketing |
Process by which companies create value for customers and build strong relationships with them in order to capture value from the customers |
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Marketing Process order |
Understand the marketplace and customer needs and wants. Design a customer driven marketing strategy Construct an integrated marketing program that delivers superior value Build profitable relationships and Create customer delight |
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Market offerings |
A combination of products, services, information, or experiences offered to a market to satisfy a need or want |
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Marketing myopia |
Paying more attention to the specific products they offer rather than the benefits and experiences produced by these products |
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Market |
Set of potential buyers of a product or service |
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Marketing management |
Art and science of choosing target markets and building profitable relationships with them |
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Value proposition |
Set of values or benefits a brand promises to deliver to consumers to satisfy their needs |
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Five alternative concepts under which organizations design and carry out their marketing strategies |
Production Product Selling Marketing Societal marketing concepts |
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Production concept |
Consumers will favor products that are available and highly affordable |
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Product concept |
Customers will favor products that offer the most in quality, performance, and innovative features |
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Selling concept |
Customers will not only buy enough of the firms products unless it undertakes a large scale selling and promotion effort |
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Marketing concept |
Achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors |
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Social marketing concept |
Questions whether the pure marketing concept overlooks possible conflicts between consumer short run wants and long run welfare |
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Consumer relationship management |
Overall process of building and maintains profitable customer relationships by delivering superior customer value and satisfaction |
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Customer-percieved value |
Customers evaluation of the difference between all the costs of a market offering relative to those of competing offers |
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Customer satisfaction |
Depends on perceived performance relative to buyers expectation |
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Customer engagement marketing |
Fostering direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand community |
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Consumer generated marketing |
When consumers play a bigger role in shaping their own brand experiences and those of others |
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Partner relationship management |
Working closely with others inside and outside the company to jointly bring more value to customers |
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Share of customer |
The share they get of the customer's purchasing in their product categories |
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Customer equity |
Total combined customer lifetime values of all the company's current potential customers |
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Strategic planning |
The process of developing and maintaining a strategy fit between the organization goals and capabilities and it's changing marketing opportunities |
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Steps in strategic planning |
Mission statement Goals and objectives Buisnesses portfolio |
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Business portfolio |
Collection of buisnesses and product that make up the company |
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Marketing strategy |
The marketing by which the company hopes to create customer value and relationships |
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Positioning |
Arranging for a product to occupy a clear, distinctive, and desireable place relative to competing products in the minds of target consumers |
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Competitive marketing intelligence |
systematic collection and analysis of publicly available information about consumers, competitiors, and developments in the marketplace |
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Casual research |
Test hypotheses about cause and effect relationship |
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Customer relationship management |
Manage detailed information about individual customer touch points to maximize customer loyalty |
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Cognitive dissonance |
Discomfort caused by post purchase discomfort |
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Adoption process |
Awareness Interest Evaluation Trial Adoption |
