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32 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Customer Lifetime Value
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The value of the entire stream of purchases that a customer would make over a lifetime
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ex) Toyota ---> Lexus
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Customer Perceived Value
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The customer's evaluation of the diference between all the benefits and costs of a marketing offer relative to those of competing offers
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note- not all cutomers view a {market offering's value} the same way
ex) Starbucks |
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Customer Relationship Management
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acquiring, keeping, and growing a customer
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Customer Satisfaction
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Extent to which a product's perceived performance matches or exceeds buyer's expectations
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satisfied ---> meets expectations
dissatisfied---> falls short of expectations delighted ---> exceeds expectations SETTING BUYER'S EXPECTATIONS CORRECTLY IS CRITICAL |
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Demands
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backed by buying power
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Needs
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physiological, social, individual
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Wants
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shaped by culture, personality
ex)type of water |
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Industry
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Sellers
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Market
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a set of actual and potential buyers for a product or service
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Marketing
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Satisfying Customers' Needs
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Marketing Concept
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achieving organizational goals depends on knowing the needs and wants of tager markets and delivering the desired satisfaction
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Selling Concept
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must be aggressive (insurance companies)
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product concept
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consumers favor products that offer quality, performance, innovative features
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production concept
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consumers will favor products that are available and affordale
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societal marketing concept
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marketing decisions should consider consumers' wants
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share of customer
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the share the company gets of the customer's purchasing in their product categories
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ex) amazon - originally books, now everything
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Marketing Offering
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combination of products, services, information or experiences offered to a market to satisfy a need or want
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ex) UNCF - "A Mind is a Terrible Thing to Waste"
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Marketing Myopia
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Sellers who make the mistake of paying too much attention to specific products than to benefits and experiences
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to overcome this...Brand Experiences - HP computer
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Business Portfolio
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group of related or non related businesses or products that make up the company
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Boston Consulting Group
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Growth Share Matrix - cash cows: not going anywhere ($) Stars: uncertain but potential (*) Question Marks: uncertain but watch (?) Dogs: shouldn't be in business
ex)Apple - iPhone: star iPad: cash cow Mac: cash cow Apple TV: dog iPad: question mark |
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Product/Market Expansion Grid
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tool for identifying commpany growth opportunities
[Market Penetration(advertise)][Product Development(New Options)] [Market Development(where else to sell)][Diversification(NEW)] |
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Marketing Strategy
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The company hopes to create customer value and achieve profitable customer relations Segmentaion (who will we serve) ---> Targeting ---> Differentiation and Positioning (how will we create value)
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Positioning
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"why a shopper will pay a little more for your brand"
making your product occupy a clear , distinctive, and desirable place relative to competing products |
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Strategic Business Units (SBU)
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the key businesses that make up the company
many start as question marks and if successful become stars on BCG then become $ as market growth falls then dogs |
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Macroenvironment
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larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, and cultural forces
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microenvironment
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actors close to the company that affect its ability to serve its customers - company, suppliers, marketing intermediaries, competitors, publics
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Suppliers
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provide the resources needed by the company to produce its goods and services
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marketing intermediaries
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firms that help the company to promote sell and distribute its goods to final buyers (resellers, physical distribution firms, marketing service agencies, financial intermediaries)
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publics
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any group that has an actual or potential interest in an organization's ability to achieve its objectives (financial, media, government,citizen, local)
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demography
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the study of the human population in terms of size, density, location, age, gender, race, occupation
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political environment
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laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a society
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Internal Databases
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information already have
advant. low cost, easy access disadvant. may not address problem (competition), built-in bias |
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