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33 Cards in this Set
- Front
- Back
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Needs |
feeling of deprivation |
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Wants |
desire to solve the need influenced by culture and personality |
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Market offering |
product, service, experiences, or combination offered by companies to satisfy needs and wants |
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Market |
total amount of actual and potential buyers of a product or service |
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Exchange |
the act of offering a product or service in order to obtain something back |
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The marketing process |
-Understand needs- define strategy- deliver value- build relationship- capture value to create profits and customer equity- |
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Needs can be activated by.. |
Internal stimuli and External stimuli |
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Internal stimuli |
needs become strong enough to drive behavior |
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External stimuli |
advertisement, family, friends, peers in general |
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Need Recognition: Current State |
Depletion of stock, dissatisfaction, decrease in finances, increase in finances |
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Need Recognition: Desired State |
New need circumstances, new want circumstances, new product opportunities, purchase of other products |
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The marketing process |
understand needs- define strategy |
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Consumer driven strategy |
Find the target market- position the product/ company- choose the value proposition (differentiation) - establish the long term relationship |
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Segmentation |
Sustainability- Measurability- Accessibility- Actionability |
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Classic Segmentation |
consumer based segmentation ( sex, age, income, etc.) - correlation |
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Psychographic |
attitudes, interests, opinions |
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Modern Segmentation |
selling to persons- understand how and why people buy and use the product |
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Segmentation strategy |
Mass-market, differentiated, concentrated or focused |
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Positioning |
Process to differentiate a firm's product from competitors in the minds of the consumers |
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Positioning Process |
The ideal mix of consumers |
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Positioning Process |
Measure consumer perception, look for gaps in coverage, develop strategy for desired position |
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The marketing process |
understand needs- define strategy- deliver value |
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Competitive advantage |
Lowering price, Additional benefits |
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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 |
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Competitive advantage: Additional benefit |
differentiation and guest purchasing criteria |
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Differentiation |
base on buyers' value, not only difference that buyers do not value |
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The marketing process |
understand needs- define strategy- deliver value- build relationship |
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Marketing and consumer behavior - developing a relationship |
Customer value, customer satisfaction, customer retention |
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Customer Value |
the ratio between the customer's expectation and the resources to obtain the benefit. The perceived value is subjective and relative |
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developing the .... for the company and/or product is critical |
value proposition |
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Customer satisfaction |
the perception of performances of the products in relation to individual expectations |
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segmentation to loyalty |
loyalists, apostles, defectors, terrorists, hostages, and mercenaries |
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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 |
