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.