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MKTG 3101 Part 1 (5/13)
Terms in this set (24)
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
The Marketing Process
1: Understand the marketplace and customer needs and wants. 2: Design a customer-driven marketing strategy. 3: Construct an integrated marketing program that delivers superior value. 4: Build profitable relationships and create customer delight. 5: Capture value (sales, etc) from customers to create profits and customer equity.
States of felt deprivation
The form human needs take as shaped by culture and individual personality.
Human wants that are backed by buying power.
some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. (Try making a better drill bit rather than making a better hole creator).
The act of obtaining a desired object from someone by offering something in return.
The set of all actual and potential buyers of a product or service.
The art and science of choosing target markets and building profitable relationships with them. Find the good customers and ditch the bad ones.
The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. Can lead to Marketing Myopia.
The idea that consumers will favor products that offer the most quality, performance, and features, and that the organization should therefore devote its energy to making continuous product improvements. Can also lead to Marketing Myopia.
The idea that the consumers will not buy enough of the firm's products unless it undertakes a large scale selling and promotion effort. Usually for unsought goods, such as insurance or blood donations. It is an aggressive method with some high risks. Its all about the sales rather than long term relationships.
The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Focuses on the PATHS to sales and profits.
Societal Marketing Concept
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.
Customer Relationship Management
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
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.
The extent to which a product's perceived performance matches a buyer's expectations.
Marketing messages, ads, and other brand exchanges created by consumers themselves -both invited and uninvited.
Partner Relationship Management
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
Customer Lifetime Value
The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
Share of Customer
The portion of the customer's purchasing that a company gets in its product categories.
The total combined customer lifetime values of all the other company's customers.
A vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository.
THIS SET IS OFTEN IN FOLDERS WITH...
MKTG 3101 Part 2 (5/14)
MKTG 3101: Calculating Margins
MKTG 3101: Profit Dynamics
MKTG 3101 Part 3 (5/15)
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