PRINCIPLE OF MARKETING Flashcards
Is a process in which companies create value for customers and build strong customer relationships to capture value from customers in return
Marketing
What are the Marketing Process?
- Understanding the marketplace and customer needs
- Designing a customer-driven marketing strategy
- Preparing an integrated marketing plan and program
- Building customer relationships
- Capturing value from customers
This is the states of deprivation
Needs
What are the types of deprivation?
Physical, Social, and Individual
This is the type of deprivation where you need food, clothing, warmth, and safety.
Physical Needs
This is the type of deprivation where you need belonging and affection.
Social Needs
This is the type of deprivation where you need knowledge and self expression.
Individual Needs
Exist when a person has an unfulfilled needs, and he is aware of an object thet will best satisfy that need
Wants
Refers to the quantity of a product or service that customers are expected to buy at a given price level
Demands
Are some combination of product, services,information, or experiences offered to a market to satisfy a need or want
Market offerings
Is focusing only on existing wants and losing sights of underlying consumer needs
Marketing myopia
Is the act of obtaining a desired object from someone by offering something in return
Exchange
Are the sets of actual and potential buyers of a product
Markets
What are the major environmental forces?
Suppliers and Consumers
Is the art and science of choosing target markets and building profitable relationships with them.
Marketing management
To select customer to serve you need?
Market segmentation and Target marketing
Refers to dividing the markets into segments of customers
market segmentation
Refers to which segments to go after
Target marketing
Set of benefits or values a company promises to deliver to customers to satisfy their needs
Value proposition
Is the idea that consumers will favors product that are available or highly affordable
Production concept
Is the idea that consumers will favor products that offer the most quality, performance, and features.
Product concept
Is the idea that consumers will not buy enough of the firm’s products unless in undertakes a large scale selling and promotion effort
Selling concept
is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do.
Marketing concept
is the idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests.
Societal marketing concept
set of tools (four ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place
Marketing mix
comprehensive plan that communicates and delivers the intended value to chosen customers.
Integrated marketing program
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
Customer relationship management (CRM)
It is the value that a customer perceives to obtain by buying a product.
Customer - perceived value
It is the difference between the total obtained benefits according to the customer perception and the cost that he had to pay for that.
Customer - perceived value
The extent to which a product’s perceived performance matches a buyer’s expectations
Customer satisfaction
marketing relationships in which customers, empowered by today’s new digital technologies, interact with companies and with each other to shape their relationships with brands.
Customer - managed relationship
involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
Partner relationship management
is the value of the entire stream of purchases that the customer would make over a lifetime of patronage.
Customer Lifetime value
is the portion of the customer’s purchasing that a company gets in its product categories
Share of customer
is the total combined customer lifetime values of all of the company’s customers
Customer equity
