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Marketing Ch 1

STUDY
PLAY
Marketing
process by which companies create value for customers and build strong customer relationships to capture value from customers in return
Market Offerings
are some combination of products, services, information, or experiences offered to a market to satisfy a need or want
Marketing Myopia
is focusing only on existing wants and losing sight of underlying consumer needs
Exchange
is the act of obtaining a desired object from someone by offering something in return
Markets
are the set of actual and potential buyers of a product
Marketing Management
is the art and science of choosing target markets and building profitable relationships with them
Market Segmentation
refers to dividing the markets into segments of customers
Target Marketing
refers to which segments to go after
Demarketing
marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it
The Value Proposition
the set of benefits or values a company promises to deliver to customers to satisfy their needs
Production Concept
the idea that consumers will favor products that are available or highly affordable
Selling Concept
the idea that consumers will not buy enough of the firm's products unless it undertakes a large scale selling and promotion effort
Marketing 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
Societal Marketing
concept is the idea that a company should make good marketing decisions by considering consumers' wants, the company's requirements, consumers' long-term interests, and society's long-run interests
The Marketing Mix
set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place.
Integrated Marketing Program
comprehensive plan that communicates and delivers the intended value to chosen customers
Customer Relationship Management (CRM)
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
Partner Relationship management (PRM)
involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers
Share of Customer
portion of the customer's purchasing that a company gets in its product categories
Customer Equity
total combined customer lifetime values of all of the company's customers
frequency marketing program
A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of a _______
Customer-perceived value
________ is defined as the customer's evaluation of the differences between all the benefits and all the costs of a marketing offer relative to those of competing offers.
Wants
________ are human needs as shaped by individual personality and culture.
Objective evaluation
Customer-perceived value is determined by a customer's ______________ of the benefits and costs of a market offering relative to those of competing offers.
Market Offering
What do companies call a set of benefits that they promise to consumers to satisfy their needs?
Understand the marketplace and customer needs
According to the simple five-step model of the marketing process, a company needs to _________ before a customer-driven marketing strategy.
Product Marketing
When customers don't know what they want or don't even know what's possible, the most effective strategy is _________ marketing.
Marketing
__________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange.
Long-run Welfare
The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ___________