Mk 301 Chapter 1

Front 1

marketing

Back 1

process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

Front 2

needs

Back 2

states of felt deprivation

Front 3

wants

Back 3

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

Front 4

demands

Back 4

human wants that are backed by buying power

Front 5

market offering

Back 5

some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Front 6

marketing myopia

Back 6

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

Front 7

exchange

Back 7

act of obtaining a desired object from someone by offering something in return

Front 8

market

Back 8

set of all actal and potential buyers of a product or service

Front 9

marketing management

Back 9

art and science of choosing target markets and building proitable relationships with them

Front 10

production concept

Back 10

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

Front 11

product concept

Back 11

idea that consumers will favor products offering the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements

Front 12

selling concept

Back 12

idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort

Front 13

marketing concept

Back 13

marketing management philosophy that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

Front 14

societal marketing concept

Back 14

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

Front 15

4 P's of marketing

Back 15

product, price, place, promotion

Front 16

customer relationship management

Back 16

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

Front 17

customer perceived value

Back 17

customer's evaluation of the difference between all the benefits and costs of a market offering relative to those of competing offers

Front 18

customer satisfaction

Back 18

extent to which a product's perceived performance matches a buyer's expectations

Front 19

customer relationship tools

Back 19

basic relationships, full partnerships with key customers (P&G with Wal-Mart), frequency marketing programs (rewards), club marketing programs

Front 20

selective relationship management

Back 20

rooting out unprofitable customers (ie: banks charging fees)

Front 21

partner relationship management

Back 21

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

Front 22

supply chain management

Back 22

managing the creation of product/service from start to finish: the channel from raw materials to final products

Front 23

customer lifetime value

Back 23

value of the entire stream of purchases that a customer would make over a lifetime of patroage

Front 24

share of customer

Back 24

portion of customer's purchasing that a company gets in its product categories

Front 25

customer equity

Back 25

total combined customer lifetime values of all the company's customers

Front 26

customer relationship groups

Back 26

high profit: butterflies, true friends (good fit between company's offerings and customer's needs)
low profit: strangers, barnacles (little fit between company's offerings and customer's needs)

Front 27

steps in the marketing process

Back 27

1) understand the marketplace and customer needs and wants

2) design customer-driven marketing strategy (select customers to serve

3) Construct an integrated marketing program that delivers superior value

Front 28

step 1 marketing process:

understand the marketplace and customer needs and wants

Back 28

research marketplace, manage marketing info and data

Front 29

step 2 marketing process:

design customer-driven marketing strategy

Back 29

1) select customers to serve: market segmentation and targeting

2) decide on value proposition: differination and positioning

Front 30

step 3 marketing process:

Construct an integrated marketing program that delivers superior value

Back 30

1) product service and design: build strong brand

2) pricing: create real value

3) distribution: manage demand and supply chains

4)promotion: communicate the value proposition

Front 31

step 4 marketing process

build profitable relationships and create customer delight

Back 31

1) customer relationship management: build strong relationships with chosen customers

2) partner relationship management: build strong relationships with marketing partners

Front 32

step 5 marketing process

capture value from customers in return: create profits and equity

Back 32

1) create staisfied, loyal customers

2) capture customer lifetime value

3) increase share of market and share of customers

Front 33

5 core marketplace concepts

Back 33

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

Front 34

key elements of customer-driven marketing strategy

Back 34

1) market segmentation: dividing market into segment of customers

2) target marketing: selecting which market segments to cultivate

3) differentiate and position

Front 35

5 marketing management orientations guiding marketing management

Back 35

1) product concept
2) production concept
3) selling concept
4) marketing concept
5) societal marketing concept

Front 36

major trends and forces changing the marketing landscape

Back 36

1) technology boom
2) globalization
3) greater emphasis on ethics and societal responsibilities
4) increase in non-profit marketing