Marketing Flashcards
Human needs
states of felt deprivation. They include basic physical needs for food,
clothing, warmth, and safety; social needs for belonging and affection; and individual needs for knowledge and self- expression. Marketers did not create these needs; they are a basic part of the human makeup.
Wants
are the form human needs take as they are shaped by culture and individual personality. An American needs food but wants a Big Mac, fries, and a soft drink. A person in Papua, New Guinea, needs food but wants taro, rice, yams, and pork. Wants are shaped by one’s society and are described in terms of objects that will satisfy those needs.
demands
Given their wants and resources, people demand products and services with benefits that add up to the most value and satisfaction.
market offerings
some combination of products, services, information, or experiences offered to a market to satisfy a need or a want.
marketing myopia
paying more attention to the specific products they offer than to the benefits and experiences produced by these products.
Exchange
is the act of obtaining a desired object from someone by offering something in return.
A market
is the set of actual and potential buyers of a product or service.
Marketing
managing markets to bring about profitable customer relationships.
marketing management
as the art and science of choosing target markets and building profitable relationships with them.
two important questions:
What customers, will we serve (what’s our target market)?
How can we serve these customers best (what’s our value proposition)?
A brand’s value proposition
s the set of
benefits or values it promises to deliver to consumers to satisfy their needs
The production concept
consumers will favor products that are available and highly affordable. Therefore, management should focus on improving production and distribution efficiency.
The product concept
consumers will favor products that offer the most in quality, performance, and innovative features. Under this concept, marketing strategy focuses on making continuous product improvements.
The Selling Concept.
consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.
These industries must be good at tracking down prospects and selling them on a product’s benefits.
-risks:
It focuses on creating sales transactions rather than on building long-term, profitable customer relationships. The aim often is to sell what the company makes rather than to make what the market wants.
The Marketing Concept.
achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
customer focus and value are the paths to sales and profits.
is a customer-centered sense-and-respond philosophy.
Societal marketing
A company should make marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long- run interests, and society’s long-run interests.
marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and society’s well-being
Ps of marketing
product, price, place, and promotion
The first three steps in the marketing process
+4th
understanding the marketplace and customer needs,
designing a customer value–driven marketing strategy,
and constructing a marketing program
all lead up to the fourth and most important step: engaging customers and managing profitable customer relationships.
customer relationship management
is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
customer-perceived value
the customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers
customer brand advocacy .
by which satisfied customers initiate favorable interactions with others about a brand
consumer- generated marketing,
by which consumers themselves play roles in shaping their own brand experiences and those of others.
through uninvited consumer- to-consumer exchanges in social media, blogs, online review sites, and other digital forums
partner relationship management —
working with others inside and outside the company to jointly engage and bring more value to their customers.
share of customer —
he share they get of the customer’s purchasing in their product categories.
