Marketing Fundamentals Flashcards
What is the definition of marketing?
Creating customer value and building relationships to capture value in return.
What are the steps in the marketing process?
Understand customer needs.
Develop a marketing strategy.
Implement an integrated marketing program.
Build customer relationships.
Capture value to generate profits and equity.
What are the types of needs identified in marketing?
Basic needs (e.g., food, safety), social needs (e.g., belonging, affection), individual needs (e.g., self-expression).
How do wants differ from needs?
Wants are desires shaped by culture and personality, while needs are basic requirements for survival.
What is the definition of market offerings?
Products or services that satisfy customer needs.
What does marketing myopia refer to?
An over-focus on products rather than customer needs.
What is segmentation and targeting in marketing?
The process of defining and pursuing specific customer groups.
What are the five marketing orientations?
Production Concept, Product Concept, Selling Concept, Marketing Concept, and Societal Marketing.
What is the focus of the marketing concept?
A customer-centric approach that focuses on fulfilling needs better than competitors.
What is Customer Relationship Management (CRM)?
A strategy for managing a company’s interactions with current and potential customers.
What is Customer Lifetime Value (CLV)?
The total revenue a business can expect from a single customer over the duration of their relationship.
What are some key trends shaping the marketing landscape today?
The digital age leveraging online, mobile, and social media for customer engagement.
What is engagement marketing?
Direct interaction with customers to create meaningful relationships.
What is consumer-generated marketing?
Brand experiences that are driven by consumers rather than companies.
How does customer equity relate to marketing?
It is the total combined lifetime value of all customers, indicating the overall value of a company’s customer base.
