test #1 Flashcards
CRM
Customer Relationship Management, A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers.
Marketing
A set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships.
Marketing Mix/4 P’s
Product, price, place, and promotion—the controllable set of activities that a firm uses to respond to the wants of its target markets.
Marketing Plan
Planning, implementation and control. A written document composed of an analysis of the current marketing situation, the strategy for the 4 P’s and the appropriate financial statements.
relational orientation
A method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship.
supply chain
The group of firms and set of techniques and approaches firms use to make and deliver a given set of goods and services.
value
Reflects the relationship of benefits to costs, or what consumers get for what they give.
Value Cocreation
Customers act as collaborators with a manufacturer or retailer to create the product or service.
Core aspects of marketing
helps create value, occurs in many settings, about satisfying customer wants and needs, entails and exchange.
Price
everything the buyer gives up-money,time,energy
promotion
communication by a marketer that informs, persuades and reminds potential buyers about a product or service to influence their opinions or elicit a response
4 orientations of marketing
Product orientation, sales orientation, market orientation, value-based orientation
product orientation
turn of the century - 1920. focus on developing and distributing innovative products with little concern about whether the products best satisfy customer needs
Sales orientation
1920-1950. trying to sell as many of their products as possible rather than focusing on making products that consumers want
market orientation
1050-1990. focus on what consumers want and need before designing, making or attempting to sell anything.
value orientation
1990-today. gone beyond product or sales orientation and have attempted to discover and satisfy their customer needs and wants.
balancing benefits with costs
value-oriented marketers constantly measure the benefits that customers perceive against the cost of their offering
building relationships with customers
marketers have developed a rational orientation as they have become aware of the need to think in terms of relationships rather than transactions. to build relationships, firms focus on the lifetime value of the relationship, not how much is made during each transaction.
importance of marketing
enriches society, makes life easier, persuasive accross supply chain, expands global presence, can be entrepreneurial
supply chain
raw materials suppliers - manufacturer - distributor - customer
how can marketers create value for a product or service
benefits to costs. increasing benefits, reducing costs or both
importance of marketing
marketing activities coordinate with other functional areas like product design, production, logistics and HR; enabling them to get the right product to the right customer at the right time.
Marketing strategy
Identify the target market - a marketing mix - the basis upon which the firm plans to build a sustainable competitive advantage
four marketing mix aspects
customer excellence - operational excellence - product excellence - location excellence
