Chapter 1: Customer Value, Satisfaction, Relationships, And Experiences Flashcards
Market
People with the desire and ability to buy a specific product.
Marketing
The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, and its stakeholders and society at large.
Social marketing
Marketing designed to influence the behavior of individuals in which the benefits of the behavior accrue to those individuals or to the society in general and not to the marketer.
Ultimate consumers
People weather 80 years old or eight months old who use the goods and services purchased for a household.
Organizational buyers
Those many factors, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale.
Target market
One or more specific groups of potential consumers toward which an organization directs it’s marketing program.
Marketing mix
The marketing managers controllable factors; the marketing options of product, price, promotion, and place that he or she can take to create, communicate, and deliver value.
Environmental forces
The uncontrollable factors involving social, economic, technological, competitive, and regulatory forces.
Marketing program
A plant that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
Marketing concept
The idea that an organization should strive to satisfy the needs of consumers, while also trying to achieve the organizations goals.
Market orientation
Focusing efforts on (1) continuously collecting information about customers needs and competitors capabilities, (2) sharing this information throughout the organization, and (3) using the information to create value, ensure customer satisfaction, and develop customer relationships.
Customer value
Do you need combination of benefits received by the customer that include quality, price, convenience, on-time delivery, and both before sale and after sales service.
Customer satisfaction
The match between customer expectations of the product and the product actual performance.
Customer relationship management (CRM)
The process of building and developing long-term relationships with customers by delivering customer value and satisfaction.
Customer lifetime value (CLV)
The profit generated by the customers purchase of an organization’s product or service over the customers lifetime.
eCRM
A web centric, personalized approach to managing long-term customer relationships electronically.
Interactive marketing
Involves to wait buyer seller electronic communication in which the buyer can control the kind and amount of information received from the seller.
Customer experience management (CEM)
Managing the customers interaction with the organization at all levels and at all touch points (direct and indirect contact the customer with an organization) so that the customer has a positive impression of the organization, is satisfied with the experience, and will remain loyal to the organization.
Social media marketing
Consumer generated online marketing efforts to promote brands and companies for which they are fans, or conversely, negatively promoting brands and companies for which they are nonfans, and the use by marketers online tools and platforms to promote their brand organizations.
Social CRM
The use of social media to enable organizations to engage customers and collaborative conversation for mutually beneficial value.
Ethics
The moral principles and values that govern the actions and decisions of an individual or group.
Social responsibility
Individuals and organizations are part of a larger society and are accountable to that society for their actions.
Societal marketing concept
The view that an organization to discover and satisfy the needs of its consumers in a way that also provides for society’s well-being.
Macro marketing
The aggregate flow of the nations goods and services to benefit society.
Micromarketing
How an individual organization direct marketing activities and allocates resources to benefit its customers.
