definitions Flashcards

(31 cards)

1
Q

marketing

A

is a process by which companies
create value for customers
and build strong customer relationships in order to
capture value from customers in return.

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2
Q

needs

A

States of felt deprivation.

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3
Q

wants

A

The form human needs take as they
are shaped by culture and individual
personality

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4
Q

demands\

A

Human wants that are backed by buying
power.

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5
Q

market myopia

A

The mistake of paying more attention to
the specific products a company offers
than to the benefits and experiences
produced by these products

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6
Q

market offerings

A

Some combination of products, services,
information, or experiences offered to a
market to satisfy a need or want.

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7
Q

exchange

A

The act of obtaining a desired object
from someone by offering something in
return.

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8
Q

market

A

The set of all actual and potential buyers
of a product or service.

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9
Q

marketing management

A

The art and science of choosing
target markets and building profitable
relationships with them.

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10
Q

production concept

A

The idea that consumers will favor
products that are available and highly
affordable; therefore, the organization
should focus on improving production
and distribution efficiency.

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11
Q

product concept

A

The idea that consumers will favor
products that offer the most quality,
performance, and features; therefore,
the organization should devote its
energy to making continuous product
improvements

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12
Q

selling concept

A

The idea that consumers will not buy
enough of the firm’s products unless the
firm undertakes a large-scale selling and
promotion effort.

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13
Q

marketing concept

A

A philosophy in which achieving
organizational goals depends on
knowing the needs and wants of target
markets and delivering the desired
satisfactions better than competitors do.

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14
Q

societal marketing concept

A

The idea that a company’s marketing
decisions should consider consumers’
wants, the company’s requirements,
consumers’ long-run interests, and
society’s long-run interests

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15
Q

customer relationship management

A

The overall process of building and
maintaining profitable customer
relationships by delivering superior
customer value and satisfaction.

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16
Q

customer perceived management

A

The customer’s evaluation of the
difference between all the benefits and all
the costs of a marketing offer relative to
those of competing offers.

17
Q

customer satisfaction

A

The extent to which a product’s
perceived performance matches a
buyer’s expectations.

18
Q

Customer-engagement marketing

A

Making the brand a meaningful part of
consumers’ conversations and lives
by fostering direct and continuous
customer involvement in shaping
brand conversations, experiences, and
community

19
Q

customer brand advocacy

A

Actions by which satisfied customers
initiate favorable interactions with others
about a brand.

20
Q

Consumer-generated marketing

A

Brand exchanges created by consumers
themselves—both invited and
uninvited—by which consumers are
playing an increasing role in shaping their
own brand experiences and those of
other consumers.

21
Q

partner relationship management

A

Working closely with partners in other
company departments and outside the
company to jointly bring greater value to
customers.

22
Q

Customer lifetime value

A

The value of the entire stream of
purchases a customer makes over a
lifetime of patronage.

23
Q

share of customer

A

The portion of the customer’s purchasing
that a company gets in its product
categorie

24
Q

customer equity

A

The total combined customer lifetime
values of all of the company’s
customers.

25
Describe the major trends and forces that are changing the marketing landscape in this age of relationships.
The Digital Age: Online, Mobile, and Social Media Marketing growth of npo marketing rapid globalization sustainable marketing: the call for more environmental and social responsibility
26
internet of things IOT
A global environment where everything and everyone is digitally connected to everything and everyone else.
27
Digital and social media marketing
Using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices.
28
Big Data and Artificial Intelligence (AI)
With the explosion in digital technologies, marketers can now amass mountains of data. They are tapping information sources ranging from customer transactions to realtime data flowing from website and social media monitoring, connected Internet of Things (IoT) devices, and many others. Brands can use such big data to gain deep customer insights, personalize marketing offers, and improve customer engagements and service.
29
Define marketing and outline the steps in the marketing process.
Marketing is the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return. The marketing process involves five steps. The first four steps create value for customers. First, marketers need to understand the marketplace and customer needs and wants. Next, marketers design a customer value–driven marketing strategy with the goal of getting, engaging, and growing target customers. In the third step, marketers construct a marketing program that actually delivers superior value. All of these steps form the basis for the fourth step: engaging customers, building profitable customer relationships, and creating customer delight. In the final step, the company reaps the rewards of strong customer relationships by capturing value from customers.
30
Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Outstanding marketing companies go to great lengths to learn about and understand their customers’ needs, wants, and demands. This understanding helps them to design wantsatisfying market offerings and build value-laden customer relationships by which they can capture customer lifetime value and greater share of customer. The result is increased long-term customer equity for the firm. The core marketplace concepts are needs, wants, and demands; market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets. Companies address needs, wants, and demands by putting forth a value proposition, a set of benefits that they promise to consumers to satisfy their needs. The value proposition is fulfilled through a market offering, which delivers customer value and satisfaction, resulting in long-term exchange relationships with customers
31
Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
Broadly defined, customer relationship management is the process of engaging customers and building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. Customer-engagement marketing aims to make a brand a meaningful part of consumers’ conversations and lives through direct and continuous customer involvement in shaping brand conversations, experiences, and community. The aim of customer relationship management and customer engagement is to produce high customer equity, the total combined customer lifetime values of all the company’s customers. The key to building lasting relationships is the creation of superior customer value and satisfaction. In return for creating value for targeted customers, the company captures value from customers in the form of profits and customer equity.