Key Definitions / Concepts Flashcards
Define Marketing
Process by which firms engage, build and manage long-term relationships with customers through creating superior value offerings over competition in return for profits for the firm.
Define Marketing Orientation
An approach to business that prioritises identifying customer wants and needed, and creating products to satisfy these.
Define Marketing Orientated
Firms that focus on discovering, creating and meeting the wants and needs of consumers, and build and engage in long-term relationships with them.
Define Industry
Production of good and services within an economy.
Define Customer
Actual OR Prospective buyer of a firms products/ services.
Define Consumers
Ultimate user/consumer of a firms products/services.
Define Needs
States of felt deprivation (Food)
Define Wants
The form a need takes as they are shaped by culture and individual personality. (Mcdonalds Hamburger)
Define Demand
Human wants that are back by buying power
Define Market Offerings
Combinations of products and services
Define Customer Satisfaction
Customer perceptions and expectations, both pre and post purchase.
Define Customer perceived value
Perceived Benefit (all benefits from product) - Perceived costs/ sacrifice (Monetary, time, effort, psychological)
Name the 4-Step Marketing Process, with each steps associated activity.
- Identify Consumer wants and needs (Market research)
- Design Marketing Strategy (STP)
- Design integrated marketing programme (Marketing Mix)
- Engage and build relationships with customers (Customer Loyalty)
Name the 4 types of Customer Relationship Group, and how they are measured.
-Measured by projected loyalty and projected profitability.
High loyal and profit = true freinds
low loyal high profit = butterflies
low loyal low profit = strangers
high loyal low profit = barnacles
Name the 4 types of negative personalization
Aggressive
Unauthorised
Insensitive
Inaccurate
