MKT REVIEW Flashcards
It is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives.
Customer Perceived Value
It is a deeply held commitment to re-buy a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior.
Loyalty
It is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.
Quality
It is the process of carefully managing detailed information about individual customers and all customer touchpoints to maximize customer loyalty.
Customer Relationship Management (CRM)
Pertains to a person’s feelings of pleasure or disappointment that result from comparing products perceived performance (out come) to their expect.
Satisfaction
Uses of Database
- Identify prospects
- Reactive customers
- Avoid mistakes
- Deepen loyalty
- Target offers
_____ is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Marketing
______ is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
Marketing Management
_____ is the task of hiring, training, and motivating able employees who want to serve customers well.
Internal Marketing
It is a tool for identifying ways to create more customer value because every firm is a synthesis of primary and support activities performed to design, produce, market, deliver and support its product.
Value Chain
It is the central instrument for directing and coordinating the marketing effort
Marketing Plan
Sees itself as integrating the value exploration, value creation, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and co-prosperity among key stakeholders.
Holistic Marketing
It is the shared experiences, stories, beliefs and norms that characterize an organization.
Corporate Culture
Three V’s Approach to Marketing
- Define the Value Segment
- Define the Value Network
- Define the Value Proposition
_____ consists of people, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers.
Marketing Information System (MIS)
Decision-making process by which formal organizations establish the need for purchased product and services, and identify, evaluate and choose among alternative brands and suppliers.
Organizational Buying
