Marketing: Basics Flashcards
(23 cards)
Marketing
The process through which companies find and engage with customers in order to create value propositions for them and build strong positive relationships to capture value in return.
(Armstrong, Kotler)
Needs
States of felt deprivation.
Wants
The form human needs take as they are shaped by culture and individual personality.
Demands
Wants backed up by buying power.
Market Offering
Some combination of products, services, information, or experiences offered to a market to satisfy its needs.
Marketing Myopia
Over-focusing on the product itself instead of the benefits and experiences produced by said product (how and why it is being used).
Marketing Management
The art and science of choosing a target market and building a profitable relationship with it.
Production Marketing Concept
Produce a lot and sell cheap - they’ll buy.
Selling Marketing Concept
Push it onto them hard enough - they’ll buy.
Marketing-Marketing Concept
Deliver superior value - they’ll buy.
Societal Marketing Concept
Convince them that your product betters them, their life, and the world - they’ll buy.
Market
Set of all actual and potential buyers of a product or service.
Product Marketing Concept
As long as your product is objectively of the best possible value it could be - they’ll buy.
Customer Relationship Management
Build and maintain profitable customer relationships by delivering superior value. Acquire, engage, and develop your customers.
Customer-perceived Value
The customer’s subjective evaluation of the pros and cons of different products.
Customer Satisfaction
When customer’s experience falls in line with their expectations or exceeds them.
Customer-engagement Marketing
When the company fosters customer involvement in brand development, conversations, experiences, and community.
Customer-generated Marketing
Consumer generating traction/traffic for the brand and driving its development.
Partner Relationship Management
Process of managing relationships with your business partners with the goal of offering customers a superior value together.
Customer Lifetime Value
The accumulation of all the value a customer will provide over the time of being your client (the sum of all the purchases).
Share of Customer
How much of the customer’s buying power is dedicated to you and your products.
“The portion of the customer’s purchasing that a company gets in its products categories”
Customer Equity
Total combined customer lifetime values of all of the company’s clients.
Digital and Social Media Marketing
Any marketing activity that involves the use of digital or social media means.
