Marketing From Quizlet Import

Marketing

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

Managing Profitable consumer relationships

The Goal of Marketing

to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction

Wants vs. Needs

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

wants- states of felt deprivation

Demands

human wants that are backed up by buying power

Marketing Myopia

the mistake of paying more attention to the products than to the benefits and experiences produced by these products

Exchange

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

4 p's of marketing and how they changed

product, price, place, promotion

IMC- Integrated Marketing Communications: promotion

place turned to distribution

Exchange is the backbone of marketing

true

Value is user defined

true

It is impossible for marketers to create need

true

marketing occurs when exchanges occur

true

cost vs. price

cost is to the company, price is to the entity

The Product Concept

the idea that consumers will favor products that offer the most quality performance and features. therefore the organization should devote its energy to making continuous product improvements

The Selling Concept

the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large scale selling and promotion effort

Consumer Relationship Management

building and maintaining profitable customer relationships by delivering superior customer value and satisfaction— if the focus of marketing is on relationships then we need to ensure that these relationships are maintained.

Marketing Management

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

customer perceived value

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

customer satisfaction

the extent to which a product's perceived performance matches a buyers expectations

Customer Equity

the total combined customer lifetime values of all of the company's customers

share of customer

the portion of the customer's purchasing that a company gets in its product categories

strategic planning

the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

mission statement

a statement of the organization's purpose- what it wants to accomplish in the larger environment, should be market oriented

marketing information system

People and procedures dedicated to assessing information needs, developing the information, and helping decision makers to use the information to generate and validate actionable customer and market insights. Insight to figure out the consumer

competitive marketing intelligence

systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment. Tracking your competitor to learn things about them

marketing research

systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing and organization