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AFM 207 > week 4 > Flashcards

week 4 Flashcards

1
Q

4 eras of marketing

A
  • production-oriented era
  • sales-oriented era
  • market-oriented era
  • value-based era
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2
Q

what is a production-oriented era

A

Firms believed a good product will sell itself

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3
Q

what is a sales-oriented era

A

firms focus on sales

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4
Q

what is a market-oriented era

A

Firms focus on what customer wanted

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5
Q

what is a value-based era

A

maintains market orientation with additional focus on giving greater value than the competition

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6
Q

what is value for most customer

A

value is function of the benefit relative to the price paid

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7
Q

value equals to

A

benefit - price

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8
Q

benefit includes

A
  • functional (the product does the job)
  • psychological (nike shoes provide social status)
  • economic (Walmart offering branded products at a low price)
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9
Q

price includes

A
  • monetary ($，¥ )
  • perceived risk
  • inconvenience
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10
Q

what’s in the perceived risk

A
  • performance risk
  • financial risk
  • social risk
  • physiological risk
  • psychological risk
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11
Q

the Maslow’s Hierarchy of needs (from down to top)

A
  • physiological needs (hunger, thirst)
  • safety needs (security, protection)
  • social needs (sense of belonging, love)
  • esteem needs (self-esteem, recognition, status)
  • self-actualization needs (self-development and realization)
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12
Q

how to measure customer’s value

A
  • internal engineering assessment
  • indirect service question
  • field value-in-used assessment
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13
Q

how to do internal engineering assessment

A

-evaluation based on lab tests
- alpha test/ computer simulation

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14
Q

what is indirect service question

A
  • firms asking customers how they value satisfying a need for solving a problem
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15
Q

what is field value-in-use assestment

A
  • customer and supplier joint value assessment
  • investigate how much customer will pay for a new product given extra benefits
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16
Q

what is focus group

A

5-10 customers have a discussion with a moderator about their perceptions of a product and service

17
Q

what is direct survey question

A

customer agree to complete a survey that describes one or more potential product offering

18
Q

what is a impoatance rating

A

respondents rate their importance of specific sttributes towards a product offering

19
Q

what is a conjoint analysis

A

field research survey to get respondents to give ratings for a set of offerings

20
Q

what is a benchmarking

A

respondents receive descriptions of a product and then represent the best available product which serves a benchmark

21
Q

what is a choice models

A

using past behavior to estimate the value of the product features that might explain the actual behaviour

22
Q

what is data mining

A
  • organization keep entensive records of customer purcahses
  • analyze this information to product segments according to customer profitability etc.
23
Q

definition of CLV (customer lifetime value)

A

the lifetime value of. customer is the total profit a firm can expect to earn from that customer during the time the company maintain a relationship with the customer

24
Q

margin =

A

(revenue- cost)discountactive

25
Q

what is r

A

discount rate

25
Q

d=

A

d=(1/(1+r))

26
Q

why CLV is important to company

A
  • increase customer retention
  • improve customer selectivity
  • meet competitive imperatives
  • boost cost efficiency
27
Q

customer relationship value, and also explain what does each do

A
  • reference accounts– give us prestige, and high credibility
  • referral accounts– give us high-quality leads (suggest to others)
  • learning accounts– help us refine our offerings
  • innovation accounts– help us develop new offerings
28
Q

Approach to increase CLV

A

-Reduce rate of defection (improving customer satisfaction, providing excellent service)
- Increase longevity ( loyalty programs, personalized engagement)
- Enhance share of wallet (cross-selling, upselling, and creating bundled offers)
- Attempt to alter behavior of low-profit customers
- Focus more effort on high-profit customers

AFM 207 (6 decks)

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