Chapter 1 Flashcards
what is marketing
the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
needs
physical, social and individual (knowledge)
demands
given wants and resources, people demand products with benefits that add up to the most value and satisfaction
market offerings
what the market offers to satisfy needs or wants
marketing myopia
short sighted and inward look focusing on company needs instead of customer needs in the long term; failure to predict and adjust to rapid changes in the markets
marketing management
choosing target markets and building profitable relationships with them; customer management and demand management
value proposition
benefits or values it promises to deliver to consumers to satisfy their needs
5 marketing management concepts
the production, product, selling, marketing, and societal marketing concepts
customer driving marketing
understanding customer needs even better than customers themselves do and creating products and services that meet needs now and later
marketing strategy
which customers it will serve and how it will create value for these customers
marketing mix
product, price, place, promotion
customer relationship management
building and maintaing profitable relationships
customer perceived value
customers evaluation
customer relationship tools
social media, frequency marketing programs (reward customers who buy in bulk), club marketing programs (memberships)
greater consumer control…
means that companies can no longer rely on marketing by intrusion, but instead by attraction
consumer generated marketing
happens through blogs, video sharing, etc..
partner relationship management
working closely with others inside and outside the company to bring more value to customers
share of customer
the share they get of the customers purchasing in their product categories
customer equity
the total combined customer lifetime values of all of the companies current and potential customers - suggest the future
caring capitalism
being civic minded and responsible; build social responsibility and action into their company value and mission statements
Production Concept
consumers favour available and affordable products
focus: improve production and distribution efficiency
Product Concept
consumers favour products that offer most in quality and performance and innovative features
focus: continuous product improvements
Selling Concept
idea tha consumers will not buy products unless there is a lot of marketing (unsought goods)
focus: find right target and sell on benefits
Marketing Concept
idea that success comes from knowing needs and wants of target and delivering better than competitors
Societal Concept
questions if there is a problem between consumer short-run wants and long-run
focus: deliver value that improves consumer and societies well being
