1 creating customer value & engagement Flashcards
give a definition for marketing
Engaging customers and managing profitable customer relationships
There are 3 versions of marketing what are they? explain
Marketing 1.0 = Mind = Sells products
Marketing 2.0= Heart = Satisfy and retain customer
Marketing 3.0= Spirit= Make world a better place
What is the difference between the new sense and the old one?
Old sense= telling & selling
New sense= Satisfy customer needs
What are the steps to create and capture costumer value?
- Understand market place & customer needs & wants
- Design customer- driven marketing strategy
- Construct an integrated marketing program that delivers superior value
- Build profitable relationships & create customer delight
- Capture value from customer to create profits and customer equity
What are the levels in the marshlow’s hierarchy?
- Self-actualization
- Esteem
- Love/ Belonging
- Safety
- Psychological
what is the difference between needs, wants and demands?
Needs= states of felt deprivation
Wants= The form human needs take as they are shaped by culture and individual personality
Demands= Human wants that are backed by buying power.
What is market offering
Some combination of products, services, information, or experience offered to market to satisfy a need or want.
to know: are not limited to physical products,they also include services, experiences, person, places, organizations, information, ideas,…
What is market myopia?
Paying more attention to the specific products than to the benefit and experience produced by these products. Forget that a product is only a tool to solve a consumer.
to know: focusing only on existing wants and losing sight of underlying consumers needs
What are the key building blocks for developing and managing customer relationship?
Customer value and customer satisfaction
What is a market?
A market is a set of actual and potential buyers
What is the common factor among buyers that can be fulfilled through exchange relationships?
a particular need or want
What does marketing mean?
Managing markets to bring about profitable customer relationships
Consumers carry out marketing when they :
- search for products
-interact with companies to obtain information
-make purchase
What is marketing management?
Art and science of choosing target markets and building profitable relationships with them
What is not a value proposition?
It’s not a slogan or catch phrase, neither it is a positioning statement. these can be seen as subset of a value proposition.
