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33 Cards in this Set

  • Front
  • Back


feeling of deprivation


desire to solve the need influenced by culture and personality

Market offering

product, service, experiences, or combination offered by companies to satisfy needs and wants


total amount of actual and potential buyers of a product or service


the act of offering a product or service in order to obtain something back

The marketing process

-Understand needs- define strategy- deliver value- build relationship- capture value to create profits and customer equity-

Needs can be activated by..

Internal stimuli and External stimuli

Internal stimuli

needs become strong enough to drive behavior

External stimuli

advertisement, family, friends, peers in general

Need Recognition: Current State

Depletion of stock, dissatisfaction, decrease in finances, increase in finances

Need Recognition: Desired State

New need circumstances, new want circumstances, new product opportunities, purchase of other products

The marketing process

understand needs- define strategy

Consumer driven strategy

Find the target market- position the product/ company- choose the value proposition (differentiation) - establish the long term relationship


Sustainability- Measurability- Accessibility- Actionability

Classic Segmentation

consumer based segmentation ( sex, age, income, etc.) - correlation


attitudes, interests, opinions

Modern Segmentation

selling to persons- understand how and why people buy and use the product

Segmentation strategy

Mass-market, differentiated, concentrated or focused


Process to differentiate a firm's product from competitors in the minds of the consumers

Positioning Process

The ideal mix of consumers

Positioning Process

Measure consumer perception, look for gaps in coverage, develop strategy for desired position

The marketing process

understand needs- define strategy- deliver value

Competitive advantage

Lowering price, Additional benefits

Competitive advantage: Cost leadership

identify the appropriate value chain and assign costs and assets to it; Cost drives - some example; Identify different value chains and sources of differences; objective- lower cost for lower price

Competitive advantage: Additional benefit

differentiation and guest purchasing criteria


base on buyers' value, not only difference that buyers do not value

The marketing process

understand needs- define strategy- deliver value- build relationship

Marketing and consumer behavior - developing a relationship

Customer value, customer satisfaction, customer retention

Customer Value

the ratio between the customer's expectation and the resources to obtain the benefit. The perceived value is subjective and relative

developing the .... for the company and/or product is critical

value proposition

Customer satisfaction

the perception of performances of the products in relation to individual expectations

segmentation to loyalty

loyalists, apostles, defectors, terrorists, hostages, and mercenaries

Customer Retention

They buy more products, they are less price sensitive, they pay less attention to competitor's advertising, servicing them is cheaper, they spread positive word of mouth