1. Marketing Flashcards
Understand the marketplace and customer needs
Design a customer-driven marketing strategy
Construct an integrated marketing program that delivers superior value
Build profitable relationships and create customer delight
Capture value from customers to create profits and customer equity
Marketing process
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers
Marketing
State of felt deprivation
Need
The form human needs take as they are shaped by culture and individual personality
Want
Human wants that are backed by buying power
Demand
Some combination of products, services, information, or experience offered to a market to satisfy a need or want
Marketing offering
The mistake of paying more attention to the specific products a company offers that to the benefits ad experiences derived from these products
Marketing myopia
The act of obtaining a desired object from someone by offering something in return
Exchange
The set of all actual and potential buyers of a product or service
Market
The art and science of choosing target markets and building profitable relationships with them
Marketing management
Set of benefits and values a company promises to deliver to consumers to satisfy their needs
Value proposition
The idea that consumers will favour products that are available and highly affordable and that the organisation should therefore focus on improving production and distribution efficiency
Production concept
The idea that consumers will favour products that offer the most quality, performance, and features and that the organisation should therefore devote it’s energy to making continuous product improvements
Product concept
The idea that consumers will not buy enough of the forms products unless it undertakes a large-scale selling and promotion effort
Selling concept
The marketing management philosophy that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
Marketing concept
Understand customers deeply about what they want
Create products that meet current needs
Customer-driven
Understand customer needs better than customers themselves do
Create products that need needs now and in the future
Customer-driving
A principle of enlightened marketing that holds that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests
Societal marketing concept
Product
Price
Place
Promotion
Marketing mix (4Ps)
What are the 4Ps?
Product
Price
Place
Promotion
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
Customer relationship management
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 perceived value
The extent to which a product’s perceived performance matches a buyer’s expectations
Customer satisfaction
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
Consumer-generated marketing
