creating customer value and engineering

Question 1

what is marketing

Answer 1

the process by which companies create customer value and capture value in return

Question 2

value for customers and to build a customer relationship

Answer 2

1. understand the market- place, needs and wants
2. design a customer driven marketing strategy
3. construct marketing program
4. build profitable relationship and create customers delight

Question 3

value from customer in return

Answer 3

capture value from customer to create profits and customers equity

Question 4

what are marketing offerings

Answer 4

some combination of products, services, information and experience

Question 5

what are markets

Answer 5

the set of all actual and potential buyers of a product/service

Question 6

what is included in the environmental forces of consumers

Answer 6

demographic
technological
ecological
social/cultural
political

Question 7

what is value proposition

Answer 7

a brand’s value proposition is the set of benefits and values it promises to deliver to consumers to satisfy their needs

Question 8

what is marketing management

Answer 8

the art and science of choosing target markets and building profitable relationships with them

Question 9

what is the selling concept

Answer 9

idea that consumers will not buy enough of the product unless the firm takes a large scale selling and promotion effort

Question 10

what is the marketing concept

Answer 10

knowing the wants and needs of a target market

Question 11

what are the 4Ps

Answer 11

price, place, promotion and product

Question 12

what is customer relationship management

Answer 12

the process of building and maintaining profitable customer relationship by delivering superior customer value and satisfaction

Question 13

what is customer-perceived value

Answer 13

the customer’s evaluation of the difference between all the benefits of a marketing offer relative to those of competing offers

Question 14

CPV equation

Answer 14

perceived benefits - perceived costs

Question 15

what is customer satisfaction

Answer 15

extent to which a product perceived performance matches a buyer’s expectations

Question 16

what is marketing channels

Answer 16

allow the seamless exchange of information between a brand and its buyers

Question 17

what is a distribution channel

Answer 17

network/business/intermediaries through which goods and services pass until it reaches the final buyer

Question 18

what does FMCG stand for

Answer 18

fast moving consumer goods

Question 19

what does partner relationship marketing stand for

Answer 19

working closely with partners inside and outside the company to jointly bring greater value to the customer

Question 20

what is supply chain management

Answer 20

management of the flow of goods and services and includes all the processes that transform raw material into final process

Question 21

name the process of supply chain management

Answer 21

raw materials > components > final product > distributor > happy customer

Question 22

what is customer long-term value also called

Answer 22

customer retention

Question 23

what is churn

Answer 23

the rate at which the customer stop doing business with an entity

Question 24

what is LTV

Answer 24

value of the entire stream purchases a customer makes over a lifetime patronage

Question 25

share of customer

Answer 25

the portion of the customer’s purchasing that a company gets in its product categories