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11 Cards in this Set

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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

Need

States of felt deprivation including physical, social, and individual needs

Want

Form that a human need takes, as shaped by culture and individual personality.


Want + Buying power = demand

Customer Value and satisfaction

Customers form expectations about the value and satisfaction that various market offerings will deliver

Market

A set of actual and potential buyers of a product or service

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?

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.

Marketing mix tools 4P

Product


Price


Place


Promotion

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

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.

Capturing value from customers

Superior customer value leads to highly satisfied loyal customers who buy more.