Ch.1 Customer Value (Creation & Conservation)

Question 0

AMA definition

Answer 0

Mark= organizational function & processes for creating, communicating and delivering value
+ manage relations to benefit co & stakeholders

(Responding to W&N)

Question 1

Marketing & goals

Answer 1

Management of profitable customer relationships

Attract new customers through superior value
Keep & grow customer base through satisfaction
build long term relations

Question 2

Process of mark (5)

Answer 2

Understand market & consumer W&N
Design marketing strategy (customer driven)
Marketing program with superior value
Profitable behaviour + consumer delight
Create profits & customer equity

Question 3

5 market concepts

Answer 3

Needs, wants, demands by consumers+
Goods, services offered
= exchanges, transactions

Markets= potential customers w similar demand

Question 4

Wants

Answer 4

Needs shaped by culture & personality, not nature

Question 5

Anything can be marketed

Answer 5

Events, experiences, places, ideas, info,people…

Question 6

CRM customer relationship management

Answer 6

Customer value and satisfaction
Acquire, keep, increase customers
Build relations

Question 7

Customer life time value

Answer 7

Value of all purchases a customer would make over a lifetime