. Flashcards
Market segmentation
Dividing the markets into segments of customers
Market management
Finding customer as possible and increasing demand
Target marketing
Refers to which segments to after
Demarketing
Is marketing to reduce demand temporarily or permanently the aim is not to destroy demand but to reduce or shift it
Value proposition
Is the set of benefits or values a company promises to deliver to customers to satisfy their needs
Production concept
The idea that consumers will favor products that are available or highly affordable therefore management should focus in improving production and distribution efficiency
Product concept
Is the idea that consumers will favor products that offer the most quality performance and features
Selling concept
The idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort
Marketing concept
The idea that achieving organizational goals depends in knowing the needs and wants if the target markets and delivering the desired satisfactions better than competitors do
Social marketing
The idea that a company should make good marketing decisions by considering longterm interests and society long term interests
Marketing mix
Is the set of tools the firm uses to implement its marketing strategy it includes product,price,promotion,and olace
Integrated marketing
Is a comprehensive plan that communicates and delivers the intended value to chosen customers
CRM
The process of building and maintaining profitable customer relationships by delivering superior customer customer value and satisfaction
Customer perceived value
The customers evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers
Customer satisfaction
The extent to which a product’s perceived performance matches a buyer’s expectations
Building strong relationship with marketing parteners
Partner inside the company(each one in the company)
Partner outside the company (suppliers-channel-partners)
The outcome if creating customer value
Customer loyalty and retnetion
Share of market
Customer equity
Customer loyalty and retention
Customer lifetime value: the value of the entire stream of purchases that a customer would make over a lifetime of a patronage
Share of customer
The portion of the customers purchasing that a company gets in its product categories
Customer equity
The total combined customer lifetime values of all the company’s customers
Stranger low profitability and little loyalty
Butterflies profitable but not loyal we enjoy them for only a short while and then they are gone create satisfying and profitable transactions with them and then stop investing until the next time around
True friends are both profitable and loyal make a continuous relationship investments to delight these customers and grow them
Barnacles highly loyal but not very profitable they should be fired
