The flashcards below were created by user
wwfbader
on FreezingBlue Flashcards.
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What Is Marketing?
- Managing profitable customer relationships
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- Marketing goal: attract new customers and
- grow current customers
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What is the 5 Step Marketing Process?
1.Understand the marketplace and customer needs and wants
2.Design a customer-driven marketing strategy
3.Construct a marketing program that delivers superior value
4.Build profitable relationships and create customer delight
- 5.Capture value from customers to create
- profits and customer equity
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What are needs?
states of felt deprivation. Can be physical (clothing, food, shelter), social (belonging, affection), individual (knowledge and self-expression)
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What are wants?
needs that are shaped by culture and individual personality. Shaped by society and marketing programs
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What are demands?
wants that are backed by buying power
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What is the Market Offering?
product, service, information and experience
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What is Marketing Myopia?
when sellers make the mistake of paying too much attention to the specific product and not enough to the benefits and experiences produced by these products
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What's Customer Value?
comparison between what’s gotten and what’s given
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What's Customer Satisfaction?
a comparison between what the customer expected to get and what they actual got (see class notes for satisfied, dissatisfied and delighted)
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What's Marketing Management?
the art and science of choosing target markets and building profitable relationships with them
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What's Market Segmentation?
dividing the market into segments of customers
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What's Target Marketing?
choosing which segments to go after
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What's Value Preposition?
set of benefits a company promises to deliver
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What are the 5 alternative concepts organizations use to carry out their marketing strategies?
Production concept
Product concept
Marketing concept
Selling concept
Societal Marketing Concept
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What is Production Concept?
Focus on improving production and efficiency
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What is Product Concept?
Focuses on the product and making continuous product improvements
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What is Marketing Concept?
knowing the needs and wants of target market and delivering desired value and satisfaction better than the competition
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What is Selling Concept?
Typically aims to sell what company makes rather than making what the market wants
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What is Societal Marketing Concept?
Questions if marketing concept overlooks possible conflicts between customer short-run wants and long-term welfare
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What is Customer Life-time Value?
the entire stream of purchases a customer makes from one company over a lifetime of patronage
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What is share of customer?
The share a company gets of customer’s purchasing in their product categories
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What is customer equity?
the total combined lifetime values of all the company’s current and potential customers
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How can Companies classify customers according to their potential profitability and manage relationships accordingly?
- True friends: long term customers and highest profitability
- - Butterflies: short term customers yet high
- profit potential
- - Barnacles: long term customers yet low
- profitability
- - Strangers: short term customers and very
- little profitability
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