Marketing: Creating Customer Value & Engagement -käsitteitä

Marketing

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

Marketing in a nutshell

1. Understand the marketplace and customer needs and wants.

2. Design a customer-driven marketing strategy.

3. Construct an integrated marketing program that delivers superior value.

4. Build profitable relationships and create customer delight.

5. Capture value from customers to create profits and customer equity.

Marketing myopia

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

Market

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

Marketing management

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

Value proposition

The set of benefits or values a brand promises to deliver to consumers to satisfy their needs.

Production concept

The idea that consumers will favor products that are available and highly affordable. Therefore, the organization should focus on improving production and distribution efficiency.

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.

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.

Marketing concept

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Societal marketing concept

The idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.

The four Ps of marketing?

Product

Price

Place

Promotion

Customer relationship management

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

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 buyer’s expectations.

Customer-managed relationships

Marketing relationships in which customers, empowered by today’s digital technologies, interact with companies and with each other to shape their relationships with brands.

Consumer-generated marketing

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.

Partner relationship management

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

Customer lifetime value

The value of the entire stream of purchases a customer makes over a lifetime of patronage.(asiakassuhde)

Share of customer

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

Customer equity

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

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