Chapter 1- Marketing: Customer Value, satisfaction, relationships Flashcards
Marketing
The activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders, and the society at large
Market
People with the desire and ability to buy a specific product
Social Marketing
Marketing designed to influence the behaviours of individuals in which the benefits of the behaviour accrue to those individuals or to the society in general and not to the marketer
Ultimate consumer
All people who used the goods and services purchased for the households
Organizational Buyers
Those manufacturers, wholesalers retailers and government agencies that buy goods and services for their own or for resale
Who benefits from effective marketing?
Consumers, society, and organizations
Target Market
One or more specific groups of potential customers towards which an organization directs its marketing program
Marketing mix
The marketing managers controllable factors-The marketing actions of product price promotion and place that people can take to create communicate and deliver value
Product
A good service or idea to satisfy consumer needs
Price
What if exchanged for the product
Promotion
A means of communication between the seller and buyer
Place
A means of getting the product in the consumers hand
Environmental Forces
The uncontrollable factors involving social economic technological competitive and reglatory forces
Marketing Program
A plan that integrates the marketing mix to provide a good service of idea to perspective buyers
Marketing concept
The idea that an organization should strive to satisfy the needs of consumers while also trying to satisfy the organizational goals
Market orientation focuses on what 3 efforts
- ) Continuously collecting info about customers needs and competitors capabilities
- ) Sharing info throughout the organization
- ) Using this information to create value, ensure satisfaction and develop relationships
Customer Values
Unique combination of benefits received by the customer that include quality, price, convenience, on time delivery, and both before-sale and after-sale service
Customer satisfaction
The match between customer expectations of the product and the products actual performance
Customer Relationship management
The process of building customer relationships-long term
eCRM
Web centric, personalized approached to managing customer relationships electronically
Interactive marketing
Involved two way buyer seller communication in which the buyer can control the kind and type of info received from seller
Customer experience management
Managing the customers interaction with the organization at all levels and and at all touch points of the customer with an organization so that the customer has a positive impression of the organization
Ethics
The moral principles and values that govern the actions and decisions of an indivdual 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 should discover and satisfy the needs of its consumer in a way that also provides for societies well-being
Macromarketing
The aggregate flow of a nations goods and services to benefit society
Mircomarketing
How an individual organization directs its marketing activities and allocates its resources to benefit its customers
Identify the requirements for successful marketing to occur
- ) 2 or more parties with unmet needs
- )A desire and ability to satisfy these needs
- ) Communication between the parties
- ) Something to exchange
What is the breadth and depth of marketing?
Marketing effects every person and organization. Non and for profit organizations preform marketing. Products, services, ideas, and experiences are marketed
Why have organizations transitioned from market orientation era to the customer experience era?
managing customer relations at all levels of so that the customer has a positive impression of the organization and will remain loyal to the organization
