Chapter 1 Flashcards
_____ is the procees by which companies create value for customers
and build strong customer relationships to capture value from customers in return
Marketing
understand the market and customer needs and wants
Marketing process
Design a customer driven maketing strategy
Marketing process
Construct an intergrated marketing program that delivers superior value
Marketing process
Build Profitable relationships and create customer delight
Marketing process
(Goal) capture value from customers to create profits and customer equity
Marketing process
Understanding the marketplace and customers (core concept)
Customers need and wants and demands
Marketing process
customer value and satisfaction
exchanges and relationship
markets
Customers needs, wants. and demands
market offering
states of deprivation
physical- food, clothing warth, safety
individual - knowledge and self expression
Needs
Form that human needs take as they are shaped by culture and individual personality
Wants
Human wants backed by buying power
Demands
are some combination of product service, information, or experience offered to a market to satisfy a need or want
marketing offering
is focusing only on existing wants and losing sight of underlying consumer needs
marketing myopia
Marketers
set the right level of expectations
Not too hight or low
Customers
value and satisfaction
Customer value and satisfaction
is the act of obtaining a desired object from someone by offering something in return
Exchange
are the set of actual and potential buyers of a product or service
Markets
is the art and science of choosing target markets and building profitable relationships with them
MARKETING MANAGEMENT
Refers to which segment to go after
Target marketing
sis marketing to reduce demand temporarlity or permanently the aim is not to destry demand but to reduct or shift it
Demarketing
The _________ is the set of benifits or values a company promises to deliver to a custoemr to satisfy their needs
Value proposition
What are the 4 Ps
Product
Price
Promotion
Place
is the set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and
place.
The marketing mix
The overall process of building and maintaining profitable customer
relationships by delivering superior customer value and satisfaction
CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
