1. Marketing Flashcards
Marketing 1
The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return.
Marketing 2
The process of planing and executing the conception, pricing, promoting, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.
The Marketing Process
Understand the marketplace and customer needs and wants, Design a customer value-driven marketing strategy, Construct an integrated marketing program that delivers superior value, Engage customers, build profitable relationships, and create customer delight, Capture value from customers in return
Needs
The basic neccessities
Wants
The form human needs take as they are shaped by culture and individual personality.
Demands
Human wants that are backed by buying power.
Market offerings
Some combination of products, services, info, and experiences offered to a market to satisfy a need or want.
Marketing myopia
The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
Exchange
The act of obtaining a desired objects from someone by offering something in return.
Market
The set of all actual and potential buyers of a product or service.
The core customer and marketplace concepts
Needs, wnats and demands; Market offerings; value and satisfaction; exchange and relationships; markets
Marketing management
The art and science of choosing target market and building profitable relationships with them.
Production concept
The idea that customers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.
Product concept
The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continious product improvements.
Selling concepts
The idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort.
Marketing concept
A philosophy in which achieving organizational goals, depend on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
Societal marketing concept
The idea that a company’s marketing decisions should consider customers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.
Customer relationship management
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer-percieved value
The customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offer.
Customer satisfaction
The extent to which a product’s percieved performance matches a buyer’s expectations.
Customer-engagement marketing
Making the brand a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community.
Consumer-generated marketing
Brand exchanges created by consumers themselves both invited and uninvited— by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.
Partner relationship management
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
Digital and social media marketing
Using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices.
