Ch. 1 Customer Relationships and Value through Marketing Flashcards
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing
Seeks (1) to discover the needs and wants of prospective customers and (2) to satisfy them.
What does marketing seek to do?
The trade of things of value between buyer abd seller so that each is better off after the trade
Exchange
1- two or more parties w/ unsatisfied needs.
2- a desire and ability on their part to have their needs satisfied.
3- a way for the parties to communicate.
4- something to exchange.
What is needed for marketing to occur.
Occurs when a person feels deprived of basic necessities such as food, clothing, and shelter.
Need
A need that is shaped by a persons knowledge, culture, and personality.
Want
People with both the desire and the ability to buy a specific offering
Market
One or more specific groups of potential consumers toward which an organization directs its marketing program
Target market
Product
Price
Promotion
Place
The four Ps : controllable marketing mix factors.
A Good, service, or idea Consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value
Product
What is exchanged for the product
Price
A means of communication between the seller and buyer
Promotion
A means of getting the product to the consumer
Place
The uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces
Environmental forces
The Controllable factors (product price promotion and place) that can be used by the marketing manager to solve a marketing problem
Marketing mix
The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sales and after-sales service at a specific price
Customer value
Research suggests that firms cannot succeed by being all things to all people
Instead, firm seak to build long-term relationships with customers by providing unique value to them
Links the organization to it’s individual customers, employees, suppliers and other partners for their mutual long-term benefit
Relationship marketing
A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
Marketing program
The relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action
Market segments
The idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organizations goals
Marketing concept
And organization with a market orientation focus is its efforts on (1) continuously collecting information about constumers needs, (2) sharing this information across department, and (3) using it to create customer value
Market orientation
The process of identifying perspective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocate after their purchase
Customer relationship management (CRM)
The internal response that customers have to all aspects of an organization and its offering
Customer experience
