Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

52 Cards in this Set

  • Front
  • Back
managing profitable customer relationships
marketing offer
some combination of products, services, information, or experiences offered to a market to satisfy a need or want
marketing myopia
sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products
act of obtaining a desired object from someone by offering something in return
trade of values between two parties
the set of actual and potential buyers of a product, they share a need or want that can be satisfied through exchange relationships
elements of a marketing system
suppliers, company, competitors, marketing intermediaries, final consumers
marketing management
the art and science of choosing target markets and building profitale relationships with them
value proposition
the set of benefits/values a company promises to deliver to consumers to satisfy their needs
production concept
holds that consumers will favor products that are available and highly affordable
product concept
consumers will favor products that offer the most in quality, performance, and innovative features
selling concept
consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort
marketing concept
achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
societal marketing
marketing strategy should deliver value to customers in a way that maintains or improves both the consumer's and the society's well-being
customer-driven marketing
understanding customer needs even better than the customers themselves do and creating products and services that will neet existing and latent needs
the marketing mix
product, price, placement, promotion; set of controllable marketing tools that the firm blends
customer relationship management
the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction, want long term
customer perceived value
evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
customer satisfaction
dependent on the product's perceived performance relative to a buyer's expectations
customer lifetime value
the entire stream of purchases that the customer would make over a lifetime of patronage
share of customer
the share a company gets of the customers purchasing in their product categories
customer equity
total combined customer lifetime values of all the company's customers
customer relationship groups
butterflies, true friends, barnacles, strangers
strategic planning
the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities (mission, goals, business portfolio, strategies)
strategic business unit
a unit of the company that has a separte mission and objectives and tha tcan be planned independently from other company businesses
boston consulting group approach
stars, cash cows, question marks, dogs
existing product, existing market
market penetration-make more sales to current customers without changing products (new stores, improve advertising, prices)
existing product, new market
market development-identify and develop new markets for current products (demographic, geographic)
new product, existing market
product development-offering modified or new products to current markets (add offerings)
new product, new market
diversification-start up or buy businesses outside current products and markets
value chain
each company department carries out value-creating activities to design, produce, market, deliver, and support the firm's products
value-delivery network
consists of the value chain, distributors, suppliers, and customers
market positioning
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
marketing audit
comprehensive, systematic, independent, and periodic examinatino of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities
organization types
functional, product mgmt, geographic, market/customer, combination
actors close to the company that affect its ability to serve its customers
competitors, publics, marketing intermediaries, customers, the company, suppliers
groups that have an interest in or impact on an organization's ability to achieve its objectives (financial, media, govt, citizen-action, local, general, internal)
larger societal forces that affect the microenvironment
demographic, economic, natural, technological, political, cultural
marketing information system
consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers
marketing research
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
marketing research process
define the problem and objectives
develop the research plan
implement the research plan
interpret and report the findings
marketing intelligence
the systematic collection and analysis of publicly available information about competitors and developments in the marketplace
consumer buyer behavior
refers to the buying behavior of people who buy goods and services for personal use
buyer responses
product choice, brand choice, dealer choice, purchase timing, purchase amount
cultural factors
culture, subculture social class
social factors
groups, family, roles and status
personal factors
age life-cycle stage, lifestyle, occupation, personality, economic situation
pychological factors
motivation, learning, perception, beliefs and attitudes
buyer decision process
1.need recognition
2. info search
3. evaluation of alternatives
4. purchase decisionj
5. post-purchase behavior
buyer decision process for new products (adoption)
1. awareness
2. interest
3. evaluation
4. trial
5. adoption
opinion leaders
people wihtin a reference group who, because of special skills, knowledge, personality or other characteristics, exert influence on others
influence of product characteristics on rate of adoption
relative advantage