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Value & the Marketing Concept
Terms in this set (45)
creating, communicating and delivering value to customers to benefit an organization and its stakeholders
to find and satisfy the needs and wants of customers
Corporate Social Responsibility
a business's concern for society's welfare
Product, Price, Place, Promotion
A customer's assessment of benefits relative to costs in determining the worth of a product
the relationship between benefits and the sacrifice necessary to obtain those benefits
the benefits offered and the sacrifice required to obtain the benefits
If there is high customer value what happens to benefits and price?
High benefit and low price
If there is low customer value what happens to benefits and price?
Low benefit and high price
For most customers which 2 criteria are the most obvious for perceiving value?
Benefits and price
In what ways are design and performance of a product similar to its image reputation?
they are factors of the product benefits
customer relationship marketing
creating database and establishing a trusted and up-to-date means of keeping track of a company's base
example of customer relationship marketing
spreadsheets and crm systems
customer relationship management
building, keeping, and growing profitable relationships by delivering customer value and satisfaction
What is the main goal of customer relationship management?
develop a system that allows information to flow in and the building blocks of strategy to flow out
#1 customer relationship management diagram
marketing, allowing customers to self-order when making a purchase
#2 customer relationship management diagram
operations/ IT, create a central database so all employees can review and update customer data
#3 customer relationship management diagram
business development (sales), track sales leads in order to help prospect leads
what should be the end goal of a marketers efforts?
a relationship with the customer
An example of customer relationship marketing is?
using a database that keeps track of customers
What uses information derived from customers to build loyalty?
customer relationship management
an organization's statement that outlines why a customer should buy a product
types of orientations that marketing go through is?
production, sales and marketing
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
considers the needs of customers when developing a marketing mix
behavior that conforms to a society's accepted principles of right and wrong
Triple Bottom Line
A business strategy that includes social, economic, and environmental criteria
the evolution of marketing consists of?
production, sales, marketing and corporate social responsibility
#1 in the evolution of marketing is?
production, build it and they will come
#2 in the evolution of marketing is?
sales, build it and convince them to come
#3 in the evolution of marketing is?
marketing, satisfy needs and they will come
#4 in the evolution of marketing is?
corporate social responsibility, satisfy needs, do the right thing and they will come
what is the main reason that companies now have to practice corporate social responsiblity?
consumers want value without compromising the environment and social well being
which term refers to the financial, social and the environmental effects of a firm's policies that determine the sustainability of its actions?
the triple bottom line
what are employees, unions, the community and the supplies all examples of?
if the main aim of an organization is to keep customers then what is the most important thing that needs to happen?
understand what motivates customers in order to meet their needs
what is the most important factor contributing to an organization's success in the marketplace?
giving customers what they want while building relationships
Eduardo bought the more expensive jacket because he felt that it was better made and had a more stylish look which he believed would be appreciated by his peer group. Even though Eduardo paid more than he needed to buy a jacket why did he feel that he received value?
the product had high benefits
how can a marketer create high value?
providing a clear benefit at the lowest price
what is a cereal producer practicing when it dedicates $0.50 of the sales of each box of cereal to fund a school breakfast porgram?
Corporate social responsibility
what is the most important factor contributing to the increasing importance of corporate social responsibility in marketing?
consumers holding firms accountable for their actions
When Serena has to make a decision to buy a new phone she evaluates all the available options. When doing this analysis in her head she is most likely going to decide on the option that gives her which of the which of the following?
the phone that offers her the most value
The video gaming company; Activision monitors social media conversations relevant to their product and then follows up on those conversations with customers so they can address any issues. Which term refers to this practice?
corporate social responsibility
Other sets by this creator
Strategic Marketing in the Business Environment
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