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Flashcards in 1. Marketing Deck (32)
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0
Q

Understand the marketplace and customer needs

Design a customer-driven marketing strategy

Construct an integrated marketing program that delivers superior value

Build profitable relationships and create customer delight

Capture value from customers to create profits and customer equity

A

Marketing process

1
Q

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers

A

Marketing

2
Q

State of felt deprivation

A

Need

3
Q

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

A

Want

4
Q

Human wants that are backed by buying power

A

Demand

5
Q

Some combination of products, services, information, or experience offered to a market to satisfy a need or want

A

Marketing offering

6
Q

The mistake of paying more attention to the specific products a company offers that to the benefits ad experiences derived from these products

A

Marketing myopia

7
Q

The act of obtaining a desired object from someone by offering something in return

A

Exchange

8
Q

The set of all actual and potential buyers of a product or service

A

Market

9
Q

The art and science of choosing target markets and building profitable relationships with them

A

Marketing management

10
Q

Set of benefits and values a company promises to deliver to consumers to satisfy their needs

A

Value proposition

11
Q

The idea that consumers will favour products that are available and highly affordable and that the organisation should therefore focus on improving production and distribution efficiency

A

Production concept

12
Q

The idea that consumers will favour products that offer the most quality, performance, and features and that the organisation should therefore devote it’s energy to making continuous product improvements

A

Product concept

13
Q

The idea that consumers will not buy enough of the forms products unless it undertakes a large-scale selling and promotion effort

A

Selling concept

14
Q

The marketing management philosophy that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

A

Marketing concept

15
Q

Understand customers deeply about what they want

Create products that meet current needs

A

Customer-driven

16
Q

Understand customer needs better than customers themselves do

Create products that need needs now and in the future

A

Customer-driving

17
Q

A principle of enlightened marketing that holds that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests

A

Societal marketing concept

18
Q

Product
Price
Place
Promotion

A

Marketing mix (4Ps)

19
Q

What are the 4Ps?

A

Product
Price
Place
Promotion

20
Q

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

A

Customer relationship management

21
Q

The customers’ evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers

A

Customer perceived value

22
Q

The extent to which a product’s perceived performance matches a buyer’s expectations

A

Customer satisfaction

23
Q

Brand exchanges created by consumers themselves—both invited and uninvited—by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers

A

Consumer-generated marketing

24
Q

Working closely with partners in other company departments and outside the company to jointly bring greater value to customers

A

Partner relationship management

25
Q

The value of the entire stream of purchases that a customer would make over a lifetime of patronage

A

Customer lifetime value

26
Q

The portion of the customer’s purchasing that a company gets in it’s product categories

A

Share of customer

27
Q

The total combined customer lifetime values of all the company’s customers

A

Customer equity

28
Q

Low profitability and little projected loyalty

Little fit between the company’s offerings and their needs

Lowest profit potential

A

Strangers

29
Q

Profitable but not loyal

Good fit between company’s offerings and customer’s needs

A

Butterflies

30
Q

Both profitable and loyal

Good fit between company’s offerings and customer’s needs

Highest profit potential

A

True friends

31
Q

Highly loyal but not very profitable

Limited fit between company’s offerings and customer’s needs

A

Barnacles