Armstrong14_edited SHH_CHAPTER 1

What are the two main goals of marketing?

Attract new customers by promising superior value and keep/grow current customers by delivering satisfaction.

What are the five core customer and marketplace concepts?

Needs, wants, and demands; Market offerings; Value and satisfaction; Exchanges and relationships; Markets.

What does marketing myopia refer to?

Paying more attention to specific products than to the benefits and experiences produced.

What is meant by 'customer-perceived value'?

A customer's evaluation of a marketing offer relative to those of competing offers.

Define market segmentation.

Dividing the markets into segments of customers.

What is the primary focus of the marketing concept?

Satisfying customer needs as a path to profits.

What role do consumer-generated marketing play in branding?

Consumers shape their own brand experiences and contribute to brand exchanges.

What is the significance of customer lifetime value?

It is the value of the entire stream of purchases a customer makes over a lifetime of patronage.

How do companies create customer loyalty and retention?

By keeping customers loyal through good customer relationship management.

What are the four Ps of marketing?

Product, Price, Place, Promotion.