Chapter 12: Building Customer Relationships Flashcards Preview

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Flashcards in Chapter 12: Building Customer Relationships Deck (40)
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1

a highly visible marketing activity

advertising

2

process of creating relationships with customers by offering goods, services and experiences that they value

Marketing

3

past era marketing where emphasis is put on increased output and production efficiency

Production orientation

4

current era in marketing where organization first determines what customers need then develop product to fill needs

customer orientation

5

the need to move from production orientation to customer orientation was driven by______ which lead to more competition

Falling production costs and increased global trade

6

Business must mobilize its marketing resources to:

1. provide a product that satisfies customer
2. price product at acceptable level
3. promote product
4. ensure product is distributed

7

business should provide goods/services that satisfy customer needs through coordinated set of activities to reach objectives

Marketing concept

8

focuses on using info about customers to create marketing strategies to sustain good customer relationships

Customer Relations Management

9

- the relationship between company and customers built on trust
- makes our purchase decisions simpler and less risky

Branding

10

Satisfying a customer requires giving them:

the right product, right place, at the right price, at the right time

11

Utility

the ability of a product to satisfy a human need

12

converting production inputs into finished products

form utility

13

created by making a product available at a location where customers wish to purchase it

place utility

14

created by making a product available when customers wish to purchase it

time utility

15

created by transferring title/ownership of product to a buyer

possession utility

16

Marketing directly creates:

place,time and possession utility

17

element of marketing mix that includes decisions about the products design, features, brand naming, packaging and warranties

product

18

setting a price based on demand and cost for good/service

pricing

19

- combination of marketing activities that deliver value to customers: (products, pricing, placement and promotion)
- must remain consistent in order for consumer trust

Marketing mix

20

creating means where products flow from producer to consumer

placement (distribution)

21

element of M.M that focuses on providing info to target markets

promotion

22

a plan that enables an organization to make best use of its resources to meet its objectives

marketing strategy

23

1. selection and analysis of a target market
2. creation and maintenance of appropriate M.M or combination of marketing activities to satisfy customer needs/preferences

what a marketing strategy consists of

24

provide framework for categorizing the M.M a company uses to reach target customer

the 4 P's

25

group of individuals where a business develops a specific M.M

target market

26

the most powerful factor in establishing a brand connection

personal experience

27

Consumer Buying Decision Process

1. recognize problem/opportunity
2. search for info
3. evaluate alternatives
4. purchase
5. evaluate after purchase

28

- separating, identifying, and evaluating the layers of a market to identify a target market
- one of most powerful marketing/branding strategies
- 3 dimensions= demographic, geographic and lifestyle/behaviour

marketing segmentation

29

written document that specifies organizations resources, objectives, marketing strategy to be used in marketing a product

marketing plan

30

effects the economic conditions on customer's ability and willingness to buy

economic forces