Chapter 1. Creating Customer Value and Engagement Flashcards
What is Marketing?
the process by which companies engage customers, build strong customer relationships, and create customer value to capture value from customers in return.
What is the Marketing Process (Ch.1)?
- Understand the marketplace and customer needs and wants.
- Design a customer value-driven marketing strategy
- Construct an integrated marketing program that delivers superior value
- Engage customers, build profitable relationships, and create customer delight
- Capture value from customers to create profits and customer equity
What is Marketing Management?
the art and science of choosing target markets and building profitable relationships with them.
What are the 5 Concepts to create a Customer-Value driven marketing strategy?
- Production Concept
- Product Concept
- Selling Concept
- Marketing Concept
- Social Marketing Concept
Describe the Production Concept
The idea customers will favor products that are available and highly affordable. The focus is on improving production and distribution efficiency.
Describe the Product Concept
The idea consumers will favor products that offer the most quality, performance, and features. The focus is on continuous product improvement
Describe the Selling Concept
The idea consumers will not buy enough product unless the firm employs large-scale selling and promotion effort.
Describe the Social Marketing Concept
The idea company marketing decisions should consider consumers’ wants, company’s requirements, consumer and society long-term interest.
What is the objective of the Marketing Program step?
Builds customer relations by taking the marketing strategy to action using the Marketing Mix.
What is Customer Relationship Management?
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Describe Customer-Engagement Marketing
make the brand a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community.
Describe Consumer-Generated Marketing
brand exchanges created by customers. Consumers shape their own brand experiences.
What is Partner relationship management?
working with other inside and outside the firm to jointly engage and bring more value to customers.
What is Customer Lifetime Value?
the value of an entire stream of purchases a customer makes over a lifetime of patronage.
What does “Share of Customer” mean?
the portion of the customer’s buying that a company gets in its product categories.
