Finals_8 – MARKETING MANAGEMENT BY KOTLER AND KELLER Flashcards
(45 cards)
A process by which companies create value for
customers and build strong customer relationships to
capture value from customers in return.
MARKETING
Combination of products, services, information or
experiences offered to a market to satisfy a need or want.
MARKET OFFERINGS
Focusing only on existing wants and losing sight of
underlying consumer needs.
MARKETING MYOPIA
An act of obtaining a desired object from someone by
offering something in return
EXCHANGE
The art and science of choosing target markets and
building profitable relationships with them.
MARKETING
MANAGEMENT
Set of benefits or values a company promises to deliver
to customers to satisfy their needs.
VALUE PROPOSITION
The idea that consumers will favor products that are
available or highly affordable.
PRODUCTION
CONCEPT
The idea that consumers will favor products that offer
the most quality, performance and features.
PRODUCT CONCEPT
The idea that consumers will not buy enough of the
firm’s products unless it undertakes a large scale selling
and promotion effort.
SELING CONCEPT
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.
MARKET CONCEPT
The idea that a company should make good marketing
decisions by considering consumers’ wants, company’s
requirements, consumers’ long-term interests and
society’s lung run interests
SOCIETAL CONCEPT
4PS OF MARKETING
MIX
- Product
- Price
- Promotion
- place
A comprehensive plan that communicates and delivers
the intended value to chosen customers.
INTEGRATED MARKETING PROGRAM
The difference between total customer value and total
customer cost.
CUSTOMER
PERCEIVED VALUE
The extent to which a product’s perceived performance
matches a buyer’s expectations.
CUSTOMER
SATISFACTION
This ensures that a product or service adheres to
established specifications, standards and requirements
during the design and manufacturing/delivery processes.
CONFORMANCE
QUALITY
This refers to how well a product or service performs its
intended functions and meets customer needs and
expectations.
PERFORMANCE
QUALITY
A name, term, sign, symbol or design, or a combination
of them, intended to identify the goods or services of one
seller or group of sellers and to differentiate them from
those of competitors.
BRAND
The added value endowed on products and services.
BRAND EQUITY
Refers to how often and how easily customers think of
the brand under various purchase or consumption
situations.
BRAND SALIENCE
How well the product or service meets customers’
functional needs.
BRAND
PERFORMANCE
The extrinsic properties of the product or service.
BRAND IMAGERY
The customers’ own personal opinions and evaluations.
BRAND JUDGMENTS
The customers’ emotional responses and reactions with
respect to the brand.
BRAND FEELINGS
