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Marketing Management > Topic 1 - Creating and capturing customer value > Flashcards

Topic 1 - Creating and capturing customer value Flashcards

1
Q

What is marketing

A

Identifying and meeting human and social needs, maintaining profitable relations with customers.

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2
Q

What is the double aim of marketing?

A
  • attract new customers delivering superior value
  • to keep and grow actual customers providing satisfaction
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3
Q

What is the marketing process

A
  • Understand the market place & customer wants and needs
  • Design a customer value driven marketing strategy
  • Construct an integrated market plan that delivers superior value
  • Build profitable relations and create customer delight
  • Capture value from customers to create profit
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4
Q

What is a need

A

State of felt deprivation - basic human requirements

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5
Q

What is a want

A

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

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6
Q

What is a demand

A

Wants for specific products backed by ability to pay

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7
Q

What are market offerings

A

Combination of products, services and information or experiences offered by a market to satisfy a want or need. (can be physical products or services)

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8
Q

What is marketing myopia

A

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

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9
Q

What is customer value and satisfaction

A
  • Customers assign value to each available market offering
  • Taking into account the value and cost of each offering, the customer chooses to buy a certain product/service
  • After the product/ service experience, its value is redesigned
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10
Q

What is the marketing management aim

A

Chasing target markets and building profitable relationships with them, based on delivering superior customer value

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11
Q

What should be taking into account with the marketing management aim?

A
  • Who is our target market (Segmentation)
  • What is our proposition (Definition)
  • Marketing management orientations - what should guide these marketing strategies
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12
Q

What is the production concept

A
  • Consumers will favour products that are available
  • Benefits will come from improving production & distribution performance
  • Focus in production and placement
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13
Q

What is the product concept?

A
  • Consumers will favour products that offer the most in quality, performance, innovative features etc
  • Prices may be higher
  • Marketing Myopia
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14
Q

What is the selling concept?

A
  • unsought goods
  • large scale selling (sales force) and promotion effort
  • Factory, Existing products, selling & promoting, profits through sales volume
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15
Q

What is the marketing concept?

A
  • Customer centred sense and respond philosophy
  • Long term customer relationships based on satisfaction
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16
Q

What is the structure/ order of the marketing concept?

A

Starting point - Market
Focus - customer needs
Means - Integrated marketing
Ends - profits through customer satisfaction

17
Q

What is the societal marketing concept

A
  • Considers consumers long - run interests and societies long run interests
18
Q

What is the marketing mix?

A

Set of tools that the company uses to implement its marketing strategy. includes price, product, place and promotion

19
Q

What is an integrated marketing program?

A

integral plan that communicates and delivers value to selected customers

20
Q

What is customer relationship management

A

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

21
Q

What is the customer relationship diagram - explain it

A
  • Butterfly
  • True friends
  • Strangers
  • Barnacles
22
Q

What is customer value

A

Difference between all benefits and costs of a product

23
Q

What is customer satisfaction

A

A products perceived performance vs expectations

24
Q

What are customer relationship levels?

A

Basic relationship, full partnership, tools

25
Q

Explain the differences between internal and external partners

A

Internal - a function area that interacts with customers
External - how marketers connect with suppliers

26
Q

What is customer lifetime value?

A

Value of entire stream of purchases that the customer would make over a lifetime

27
Q

What is share of customers?

A

Portion of customers purchasing that a brand gets

28
Q

What is customer equity?

A

Total combined lifetime value of all the companies customers.
- need to build relationships in order to improve/ build customer equity.

Marketing Management (1 decks)

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