Creating customer value

Question 1

when did the marketing concept emerge?

Answer 1

1950s

Question 2

what is marketing?

Answer 2

process by which companies create value for customers and build strong customer relationships in order to capture customer value from customers in return

Question 3

what are market offerings?

Answer 3

products and services provided to fulfil customer’s needs and wants

Question 4

customer value triad

Answer 4

Quality
Service
Price

Question 5

selecting customers to serve

Answer 5

Segmentation-target a single segment of consumers

Question 6

choosing value proposition

Answer 6

deciding the set of benefits or offerings a firm or a brand promises to deliver

Question 6

production concept

Answer 6

mass production and large distribution

Question 7

product concept

Answer 7

making and improving high quality products (without neglecting Pricing Distribution Advertising)

Question 8

selling concept

Answer 8

uses an aggressive selling and promotion effort

Question 9

marketing concept

Answer 9

knowing the needs and wants of target markets and delivering the desired satisfactions better than the competitors

Question 10

social marketing concept

Answer 10

Consumer wants
Society and human welfare
company profits

Question 11

customer relationship management(CRM)

Answer 11

overall process of building and maintaining profitable customer relationship by delivering excellent customer value and satisfaction

Question 12

customer lifetime value

Answer 12

firms must keep their customers loyal to their products or brand in order to benefit from their future purchases

Question 13

growing share of customer

Answer 13

1. introduce a greater variety of products to existing customers
2. use cross sales and up sales techniques

Question 14

customer equity

Answer 14

total combination of the company’s current and future customers

Question 15

building customer equity

Answer 15

firms must acquire, keep and grow the number of customers