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43 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Define Marketing
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A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others.
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Define: Needs
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States of felt deprivation
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Define: Wants
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The form human needs take as shaped by culture and individual
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Define: Demands
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Human wants that are backed by buying power
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Define: Marketing offer
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Some combination of goods, services, information, or experiences offered to a market to satisfy a need or want
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Define: Exchange
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The act of obtaining a desired object from someone by offering something in return
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Define: Transaction
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A trade of values between two parties
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Define: Market
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The set of all actual and potential buyers of a product or service
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Define: Marketing management
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The art and science of choosing target markets, presenting a marketing offer to them, acquiring customers, and building profitable relationships with them
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Define: Demarketing
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Marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but only to reduce or shift it
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Define: Production concept
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The idea that buyer will favour products that are widely available and highly affordable
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Define: Product concept
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The idea that buyers will favour products that offer the most in quality, performance, and innovative features
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favour quality
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Define: Selling Concept
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The idea that the market will not buy enough of the firm's products unless it undertakes a large-scale selling effort
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Define: Marketing concept
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The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target a markets and delivering the desired satisfactions better than competitors do.
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Define: Societal marketing concept
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A principle of enlightened marketing that holds that marketing strategy should deliver value to the organization's customers in a way that maintains or improves the well-being of society
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Define: Customer relationship management
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The overall process of building and maintaining profitable customers relationships by delivering superior customer value and satisfaction
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Define: Customer perceived value
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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
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Define: Customer satisfaction
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The extent to which a product's perceived performance matches a buyer's expectations
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Define: Partner relationship management
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working closely with partners in other company departments and outside the company to jointly bring greater value to customers
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Define: Customer lifetime value
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The value of the entire stream of purchases that the customer would make over a lifetime of patronage
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Define: Share of customer
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The portion of the customer's purchasing in its product categories that a company gets
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Define: Customer equity
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The total combined customer lifetime values of all of the company's customers
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Define: Global industry
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An industry in which the strategic positions of competitors in given geographic or national markets are affected by their overall global positions
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Define: Global firm
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A firm that, by operating in more than one country, gains R&D, production, marketing, and financial advantages that are not available to purely domestic competitors.
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List: key steps in "A Simple Model of the Marketing Process"
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1. Understand the marketplace (customer needs)
2. Design a customer-driven marketing strategy 3. Construct a marketing program 4. Build profitable relationship and create customer delight |
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List: key steps in "The Marketing Concept"
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1. Market
2. Customer needs 3. Integrated marketing 4. Profits through customer satisfaction |
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List: three considerations underlying "The Societal Marketing Concept"
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1. Society
2. Consumers 3. Company |
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List & Define: four customer relationship groups
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1. Butterflies - Profitable but not loyal
2. True friends - Profitable and loyal 3. Barnacles - Highly loyal but not very profitable 4. Strangers - Low profitability and little loyalty |
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Companies who band with their competitors to take advantage of customers through price fixing and collusion are guilty of demarketing.
TRUE OR FALSE |
FALSE
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There are no circumstances in modern marketing in which companies would or should choose to practise production, product, or selling concept marketing
TRUE OR FALSE |
FALSE
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While a customer-driven approach to marketing can be highly successful, it could be said that in some cases this approach creates false wants that unfairly target susceptible customers
TRUE OR FALSE |
TRUE
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Partnerships between the various departments of an organization are no longer as important in building strong customer relationships. In recent years, more and more responsibility for customer satisfaction and value has moved to marketing and sales department
TRUE OR FALSE |
FALSE
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Some companies today rid themselves of low spending customers because the lifetime value of those customers is less than the total cost of servicing them.
TRUE OR FALSE |
TRUE
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______________ is a social and management process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others.
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Marketing
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Today, marketing must be understood not in the old sense of making a sale -- "telling and selling"-- but in the new sense of __________
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Satisfying customer needs
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The concept of ____________ is not limited to physical objects-- anything capable of satisfying a need can be called a _____________
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Product, Product
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_______________ is the difference between the benefits the customer gains from owning and using a product and the cost of obtaining the product
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Customer value
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Smart companies aim to _________ customers by promising only what they can deliver and delivering more than they promise
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Delight
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The goal of ______________ is to deliver long-term value to customers, and the measures of success are long-term customer satisfaction and retention.
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Relationship marketing
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A ____________ is the set of actual and potential buyers of a product
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Market
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There are five alternative concepts under which organizations conduct their marketing activities: they are the ______, ________, __________, ________, and __________ concepts.
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Production, product, selling, marketing, and societal marketing.
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"We make it happen for you," "To fly, to serve," "We're not satisfied until you are," and "Let us exceed your expectations are all colourful illustrations of the ___________ concept.
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Marketing
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The major force behind the new connectedness in the "connected" world is ____________
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Technology
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