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42 Cards in this Set
- Front
- Back
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define: marketing |
managing profitable customer relationships |
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what does CRM stand for? |
Customer Relationship Management |
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What is Sales Promotion? (PPCCBRS) |
Price Cut Premium Contest Coupon Bonus Rebate Sample |
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What is the three step process? |
Before: capture/create values During: USP, differentiations After: delighted, life-long, customer equity, loyalty, WOM (word of mouth) |
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what does USP stand for? |
unique selling proposition |
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what is the promotional mix? (5) (communication) |
1. Advertisement 2. Personal Selling: fact to fact/B2B 3. Direct Marketing 4. Public Relations (Media relations) 5. Sales Promotion |
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What is The Marketing Process? (5) |
1. Understand the marketplace and customers needs 2. design a customer-driven marketing strategy 3. construct an integrated marketing program that delivers superior value 4. build profitable relationships and create customer delight 5. Capture value from customers to create profits and customer equity |
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define: equity |
trust, fairness, value |
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What is STP? |
S: segmenting T: targeting P: position |
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what is the purpose of the marketing process? |
creates value for the customers and builds customer relationships
in return, capture value from the customers |
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define: needs |
physical needs: food, clothing, warmth, and safety social needs: affection individual needs: knowledge and self-expression |
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define: wants |
human needs that are shaped by culture and individual personality |
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define: demands |
when wants are backed by buying power; people demand products and services with benefits this give us satisfaction |
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define: market offerings |
a combination of products, services, info, or experiences offered by a market to satisfy a need or want |
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define: exchange |
the act of obtaining a desired object from someone by offering something in return
buying and selling is an exchange process |
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what does PEST stand for? |
Political Economic Society Technology |
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what is the final end user in a modern marketing system? |
the consumer |
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define: marketing management |
the art and science of choosing target markets and building profitable relationships with them |
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what two questions do marketers ask? |
1. what markets will we serve?
2. how can we serve these customers best? |
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why can't marketers serve all markets? |
limited resrouces, people, material, time, money |
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how can marketers serve customers the best? |
1. meet the customers' expectations 2. do research on info 3. marketing surge 4. pick target market 5. communication |
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what does CSR stand for? |
corporate social responsibility |
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what are the five concepts in which organisations design and carry out their marketing strategies? which ones are the oldest and which are most up to date? |
1. production concept 2. product concept 3. selling concept 4. marketing concept 5. societal marketing concept |
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what is the production concept? |
the idea that consumers will favour products that are available and highly affordable;
therefore the organisation should focus on improving production and distribution efficiency |
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what is the disadvantage of the production concept? |
major risk of marketing myopia |
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what is the product concept? |
the idea that consumers will favour products that offer the most quality, performance and features;
the organisation should devote its energy to making continuous product improvements |
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disadvantages of product concept? |
can also lead to marketing myopia |
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what is the selling concept? |
the idea that consumers will not buy enough of the firm's product unless the firm undertakes a large-scale selling and promotion effort |
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disadvantages of selling concept? |
focuses on creating sales transactions rather than building long-term profitable customer relationships |
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what is the marketing concept? |
a philosophy in which achieving organisation goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
the job is not to find the right customers for products, but to find the right product for customers |
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what is the difference between marketing concept and selling concept? |
the focus between the two marketing: customer needs selling: existing products |
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what is the societal marketing concept? |
the idea that a company's marketing decisions should consider consumer's wants
the company's requirements, consumers' long-run interests, and society's long-run interests
implements sustanaiblity |
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what is the integrated marketing plan and program? (4 P's) |
1. Price 2. Promotion 3. Place 4. Product
each P provides certain values |
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what does all the P's make together? |
synergy |
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define: Customer Relationship Management |
the overall process of building and maintaing profitable customer relationships by delivering superior customer value and satisfaction |
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what is farming? |
maintaining the customers you already have |
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define: customer satisfaction |
depends on the product's perceived performance relative to a buy's expectations |
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what is a basic relationship? |
a company establishes this with many low-margin customers
i.e. Tide detergent; creates relationships through brand-building advertising
will never actually see the customer |
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what is a full partnership? |
applies to markets with few customers and high margins
create full partnerships with key customers
may see the customer again |
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what is frequency marketing programs? |
companies that reward customers who buy frequently or in larrage amounts |
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what are club marketing programs? |
companies that offer members special benefits and create member communities
i.e. Apple user groups, forums |
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what is the A.I.D.A. concept? |
A = attention/ awareness; attract attention I = interest; raise customer interest with benefit D = desire; convince customers they want thing A = action; lead customers into purchasing |
