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11 Cards in this Set
- Front
- Back
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5 core concepts of marketing |
1. Needs, wants and demands 2. Market offerings (products, services, and experiences) 3. Value and satisfaction 4. Exchanges and relationships 5. Markets |
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Need |
States of felt deprivation including physical, social, and individual needs |
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Want |
Form that a human need takes, as shaped by culture and individual personality. Want + Buying power = demand |
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Customer Value and satisfaction |
Customers form expectations about the value and satisfaction that various market offerings will deliver |
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Market |
A set of actual and potential buyers of a product or service |
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Designing a customer-driven marketing strategy requires answers to the following questions |
1. What customers will we serve? 2. How can we best serve these customers? |
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When designing a customer-driven marketing strategy: choose a value proposition |
The set of benefits or values a company promises to deliver to customers to satisfy their needs. Dictate how firms will differentiate and position their brands in the marketplace. |
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Marketing mix tools 4P |
Product Price Place Promotion |
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Customer perceived value |
Customers evaluation of the difference between all of the benefits and all of the costs of a marketing offer relative to those of competing offers |
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Customer Satisfaction |
Is determined based on the products perceived performance relative to a buyer's expectations Some firms seek to delight customers by exceeding expectations. |
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Capturing value from customers |
Superior customer value leads to highly satisfied loyal customers who buy more. |
